Los Angeles Times (04/28/08); Reckard, E. Scott
Bank of America plans to announce a mortgage aid plan during a two-day hearing at the Federal Reserve in Los Angeles, with hopes of speeding the approval of its effort to acquire Countrywide Financial and completing the deal in July. The bank plans to refinance or modify at least $40 billion in mortgages, which should help keep approximately 265,000 troubled borrowers in their homes over the next two years. Bank of America will waive fees for paying off loans early when legally permitted, and in some circumstances write down the principal on mortgages to keep borrowers from becoming discouraged and defaulting on loans that are "underwater." The bank also has plans to double its community development lending, which will have a significant impact on affordable housing.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment