Oh Yeah. . . We're on the road to recovery for sure. . .

This from Mandelman  Matters 

As Pressure Mounts, Bank of America Plans

Principal Reductions for Underwater 

Homeowners

This morning, Reuters has reported that Bank of America has announced a program that will offer what the bank is calling an “earned principal forgiveness” of up to 30 percent for homeowners owing more than 120 percent of the value of their homes.

According to Reuters: “Amid stubbornly high unemployment, homeowners are seen as more likely to simply abandon an unaffordable mortgage when they have no equity or are deep ‘underwater’ on the loan.”

Reuters closed its story announcing the new Bank of America program with the following:

“A $75 billion Obama administration program aimed at helping struggling homeowners avoid foreclosure was sharply criticized on Tuesday by a watchdog, which said the program has been oversold and is likely to be a failure when it wraps up in 2012.”

Likely to be a failure in 2012?  Ya’ think?  These guys should write for Leno.

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