Bank of America Getting Into the Landlord Business

From CNBC:

Bank of America, the nation's second-largest lender, is launching a pilot program this week that will offer a limited number of customers behind on their mortgages to transition from owner to renter.

The bank, which was saddled with thousands of delinquent loans when it took over mortgage giant Countrywide, says that beginning this week "in targeted hard-hit markets," it will offer a limited number of mortgage customers who are facing foreclosure an opportunity to remain in their homes, and transition to tenant status. The program is called “Mortgage to Lease.”

...Borrowers will not be able to apply for the program, rather it is through "invitation" only, and the pilot will be less than 1,000 customers.  It will be tested in Arizona, Nevada, and New York.
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Link: http://www.cnbc.com/id/46829774