I'm no fan of Bank of America. I used to do my banking with them, but left for my current bank about a decade ago when they started introducing new fees and jacking up existing ones. I've also heard some less than stellar things about how they deal with troubled mortgages lately.
But after reading this, my opinion of BofA is a bit higher.
Basically, they're trying to see if it's effective to rent foreclosed homes to the people who used to own them. The renter gets out from under a bad mortgage, avoids possible homelessness, and stays in their community. The bank gets at least some money out of a property for which they would normally get nothing and have to pay to do normal maintenance on, such as lawn maintenance, and may be able to sell the property at a profit later. The community gets to keep families in homes that are still kept up and not cleaned out by thieves.
I hope this works out. It's best if people can afford to own the home they live in, but renting it is better than the alternative.