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
Read...Related Headlines
- Bank of America Neuters Countrywide?posted 198 weeks ago on Blown Mortgage
- BofA profit off 77% on $5 billion in loan-loss provisionsposted 198 weeks ago on Blown Mortgage
- Bank of America completes Countrywide purchaseposted 188 weeks ago on Blown Mortgage
- Bank of America says ?No more garbage loans!?posted 233 weeks ago on Blown Mortgage
- Wells Fargo Names Orange County and LA as Distressed Marketsposted 222 weeks ago on Blown Mortgage
- Countrywide Eliminating the Option ARM?posted 206 weeks ago on Blown Mortgage
- Bank of America Bets on Countrywideposted 233 weeks ago on Blown Mortgage
- Fed approves BofA, Countrywide purchaseposted 192 weeks ago on Blown Mortgage
- Greenlining protests BofA/Countrywide comboposted 205 weeks ago on Mortgage Insider