Tag Archives: BofA developing foreclosure rental programs to deal with distressed properties

Bank of America (BAC: 5.45 -4.72%) is looking at a new program to rent a home back to the borrower after foreclosure. “There are programs that we are quite interested in,” said Ron Sturzenegger, who leads the bank’s legacy asset servicing division, in an interview with HousingWire. “We are talking with investors that would come in and buy these houses and would lease them back to who would now be the now tenant.” In February, BofA formed the division to handle the servicing for delinquent mortgages, loans no longer being […]