Orlando Sentinel reports the federal government has been pushing banks such as BOA and Wells Fargo to reduce the mortgage principal for qualified borrowers in danger of foreclosure. Florida Attorney General Pam Bondi opposes such mortgage modifications. Why?
According to Bondi, pushing lenders to forgive part of their mortgage holders’ debt could encourage even responsible homeowners to stop making payments on their loans, in the hope they can eventually get their bank to erase part of their mortgage.
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