Bank of America Turns To Rentals To Cut Foreclosures

Bank of America's

test program to allow certain homeowners to rent their homes instead of going into foreclosure comes amid growing investor demand for distressed property as the rental market surges. The bank has so far invited about 1,000 homeowners at risk of foreclosure in Arizona, Nevada and New York to hand over their deeds to BofA and pay rent that's less than the monthly mortgage. The idea is to see if BofA can recoup more money by...