B of A Announces Earned Principal Reduction Program for SOME Countrywide Loan Types.

B of A press release is HERE. From the release:

...eligible loans include subprime, Pay-Option ARM and prime-quality two-year hybrid ARM loans originated by Countrywide on or prior to January 1, 2009, if the amount of principal owed exceeds the current property value by at least 20 percent and the loan is 60 days or more past due.

Huffington Post story HERE.

Originally created and posted on the Oregon Housing Blog.