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BofA Begins F’closure On Elderly Couple For Paying Too Early On Loan Mod Payments After Telling Them Default Required For Payment Workout Eligibility In New Port Richey, Florida, the st. petersburg times reports:
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· The bad-loan problem stems, in part, from controversial programs that allowed home builders and other sellers to fund down payments for home buyers through nonprofit groups. After a lengthy effort, the FHA prevailed on Congress to shut the programs down in October 2008, but the damage already was done.
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