[VIDEO]Bank of America Announce Plans To Forgive Mortgage Loan Principal

Bank of America (NYSE: BAC) has announced plans to start forgiving the value of less than 120% or for those who fight for struggling homeowners who are "negative amortization" loan mortgage loan principal and interest, according to a Reuters report . The bank said it would provide a "win major forgive" up to 30% of the two phases. Bank of America will be the first to provide one of the main key to become homeowners can be forgiven for five years, annual interest-free tolerance. This will allow homeowners to bring the loan value back down to the value of 100% over five years. A spokesman for the bank declined to comment on the matter