Bank of America pledged to offer an "earned principal forgiveness" of up to 30 percent for homeowners nationwide who owe more than 120 percent of the value of their home.
The U.S. bank, the largest in terms of assets, has about 1.5 million home loans behind on payments by 60 days or more.
The plan, to begin in May, is the first by a U.S. mortgage lender to take a systematic approach to reducing mortgage principal to..
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