BofA (BAC) is launching a small pilot program that will let homeowners at risk of foreclosure...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

BofA (BAC) is launching a small pilot program that will let homeowners at risk of foreclosure hand over the deeds to their houses and then sign leases for BofA to rent the houses back to them at market rates. It's a shift in strategy for BofA and could be less costly to the bank than a regular eviction-and-foreclosure process, while doing less damage to borrowers' credit scores.