Foreclosure Lifeboat: Not everyone is eligible and there…

Not everyone is eligible and there are various stipulations, but looking to stave off all those forthcoming foreclosures, Bank of America's Countywide has announced a new loan modification program that would create a new monthly payment (it would cover everything from property insurance to the principal) that would be equal to 34 percent of the borrower's verified monthly income, reports the Los Angeles Times. Via the paper: "[U.S. Rep. Barney] Frank last week gave 10 other major mortgage-servicing companies an ultimatum to adopt programs similar to the Countrywide plan. If the servicers don't comply, "we'll write legislation that does it for them," said Steven Adamske, a spokesman for the lawmaker." [LA Times]For more stories from Curbed LA, go to la.curbed.com.