BUSINESS
09/30/2012 11:49 am ET | Updated Nov 30, 2012

Banks Forgiving Debts That Don't Exist

GREETINGS, unhappy homeowners! Here's some wonderful news:

"We are canceling the remaining amount you owe Chase!" says a letter that JPMorgan Chase sent recently to thousands of home loan borrowers. "You are approved for a full principal forgiveness of your Home Equity Account," says another, from Bank of America.

Read more on The New York Times