SAN FRANCISCO - Bank of America has introduced an insurance program to make mortgage payments for low- and moderate-income borrowers who lose their jobs.
After a 30-day waiting period, the insurance would pay up to $2,500 a month for six months.
The BankAmerica Corp. unit is extending the Mortgage Payment Protection Program at no cost for one year to participants in its Neighborhood Advantage lending effort. After a year, borrowers could apply to continue coverage for a fee.