[quote=lookingagain]It sounds to me as though BofA will be writing it off. What I would like to see (although it could never happen) is to have all principal write-downs be recorded as sales. Otherwise, those who bought at the inflated prices get the break but those of us who waited out this insanity still have to deal with the absurd prices that sellers still think their home is worth.[/quote]
Actually, you could use this to back into it. If you know the median house income you could multiply by 34% for the payment x 360(assume 30 yr loan) and then discount it back for the value using say 6.5%
