BofA in $8.6 billion settlement over Countrywide loans
Meltdown, Mortgage Lenders, Spillover | (0)
From Reuters:
As part of a settlement with state attorneys general that could be worth as much as $8.6 billion, Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) said on Monday it would cut interest rates and principal on some troubled mortgages originated by Countrywide Financial Corp.
Bank of America, which bought Countrywide in July, reached a deal with attorneys general representing 11 states in which it will offer more affordable and sustainable mortgage payments for borrowers who had financed their homes with subprime loans or adjustable-rate mortgages serviced by Countrywide.
"This is good," said Christopher Whalen, managing director at Institutional ...
