BofA to modify 265,000 Countrywide loans

Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it's acquisition of the failed mortgage lender. BofA estimates that the $40 billion will result in a little over a quarter-million homeowners keeping their homes instead of losing them to foreclosure. From the Pacific Business News on the new BofA initiative: In addition, BofA says it will continue its policy of allowing tenants living in properties facing foreclosure to remain on site for 60 days after the completion of foreclosure proceedings. They will receive $2,000 to defray moving expenses if they leave voluntarily within 30 days of the completion of foreclosure proceedings. BofA (NYSE: BAC) says it plans to spend $1.5 trillion over the next 10 years in commun