bank of america

Chase And BoA Quietly Cutting Balances For Option-Arm Mortgagors

Chase And BoA Quietly Cutting Balances For Option-Arm Mortgagors

It’s a lovely surprise to get in the mail from your bank, a letter telling you they’re going to cut your mortgage balance in half while increasing your interest rate slightly. NYT reports that tens of thousands of option-arm mortgagors, homebuyers with a loan that had a low introductory interest rate that shot up after a set period, have been getting such letters from Chase and Bank of America over the past year. [More]