GrahamWalker - BOA Accept The Inevitable.

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‘Graham Walker’: By undertaking to loan principal reductions, Bank of America may help arrest home value falls.

(I-Newswire) April 29, 2010 - Graham Walker analysts have posited that US banking giant, Bank of America’s recent announcement of its intention to begin reducing the mortgage principal for subprime and ARM (adjustable-rate mortgage) borrowers who owe more than 120 percent of their home's value could represent the boldest step thus far in the struggle to arrest the falls in US home values.

The European-based boutique investment firm is thought to be in agreement with the theory that the ever-increasing amount of foreclosed inventory being placed on the market is exerting considerable downward pressure on home values even after 3 years of persistently falling prices.

Provided borrowers keep up with their current payments, Bank of America will pledge to offer them a means by which to effectively write off the portion of the amount owed that exceeds the value of their property within a period of five years.

Graham Walker welcomed the Bank of America scheme which is set to be launched in May as a “huge improvement” over the US Treasury’s loan modification program which centered on the lowering of interest rates for troubled borrowers instead of addressing what many homeowners considered a painful loss of wealth.

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April 29, 2010

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