The Charlotte, N. C.-based bank says that Bank of America wants to give customers collecting unemployment benefits a break on mortgage payments.

The Charlotte (N. C.) Observer has reported that under a proposed plan, the bank would give mortgage customers collecting unemployment benefits up to nine months with no mortgage payment. It was also reported that customers in the program would have to agree to sign over the house to the bank if they haven't found a job within those nine months.

The customers in the program will be given at least $2,000 by the bank.

One glitch -- the program needs federal approval, and the bank doesn't know when that would happen.

Mark Williams, a former Federal Reserve Bank examiner, told the Observer, "It's an innovative way for Bank of America to demonstrate its working with its customers. Regulators should view this as a positive step as well."

The $75 billion federal mortgage-aid program has struggled to meet President Barack Obama's goal to help millions. From February 2009, when it was announced, through March, only 230,000 families had gotten final mortgage modifications under the Home Affordable Modification Program, the newspaper further added. (With Inputs from Agencies)