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Is BofA’s Offer of Mortgage Principal Reduction Fair?

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Published: Tuesday, 8 May 2012 | 1:28 PM ET
By:

Producer, CNBC's "Squawk Box"

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Bank of America flag

The banks got a bailout. Now it's homeowners' turn.

Bank of America is offering qualified "underwater" customers mortgage principal reduction of up to $150,000.

It's all part of the $25 billion settlement reached this year between federal and state agencies and the nation’s five largest mortgage servicers over fraudulent foreclosure practices.

STREET POLL QUESTION:

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Is it fair that you have to be behind on your mortgage already to be eligible to apply for the principal reduction?

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