Dieppa Law BlogPrincipal Debt Reduction
Ocwen Announces Principal Debt Reduction Program
Ocwen announced a principal debt reduction program whereby the principal on mortgages in default would be written down to 95% of the market value of the property. This is a great step in the right direction. Hopefully, the major banks (Bank of America, Wells Fargo, and JPMorgan Chase) follow suit. http://www.housingwire.com/2011/07/26/ocwen-unveils-new-principal-reduction-program