Foreclosure alternative from B of A - will it work?

Bank of America's foreclosure alternative isn't new -- Fannie Mae has been doing it for years with lackluster interest from borrowers.

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FORTUNE – To help struggling homeowners, Bank of America recently launched a test initiative that will give some a chance to rent the very homes they risk losing. Last week, the Charlotte, NC-based bank began sending letters accompanied with leases to 1,000 homeowners in Arizona, Nevada and New York.

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