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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.