US banks in mortgage write-down blitz
Published 06/07/2011 | 05:00
HUNDREDS of thousands of US homeowners have had their mortgages written down, some by half, by leading banks JP Morgan Chase and Bank of America without asking for the debt write-off.
Bank of America alone has written down 200,000 mortgages.
Most of those who had some of their debts written off are not in default, according to reports in the US.
In April, AIB said it was looking at the option of struggling homeowners having part of their mortgage written off.
Bank of Ireland has indicated to the Irish Independent that it may write off some debt in limited circumstances.