CHARLOTTE, N.C. ( TheStreet) -- Bank of America (BAC) extended more generous mortgage terms to U.S. military customers on Thursday. The move comes after a big-bank competitor received heated criticism for having overcharged and improperly foreclosed upon service members.
Bank of America will offer a reduced 4% interest rate to service members who are eligible for mortgages under the Servicemembers Civil Relief Act, forgive principal for military borrowers who are behind on payments when they leave active duty and extend mortgage protections that are offered to active military to those who have left the service as well.
"Military men and women face extraordinary circumstances, and they make unique sacrifices for all of us," Terry Laughlin, an executive in charge of the Bank of America division that handles troubled mortgages. "For these reasons, we want this combination of tools to address their needs and help them when they need it most."
(JPM) came under fire for overcharging 4,500 military borrowers on their mortgages and improperly foreclosing on 18 service members' homes. Soon after, the company
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