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By GRETCHEN MORGENSON Published: October 5, 2008 Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.
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The new program comes with a price tag of $8.4 billion, but Simon says that it will cost much less than foreclosing on homes en masse. As the credit crisis continues, more and more lenders and.
financed their homes with subprime or pay-option adjustable-rate mortgages (ARMs). The loan modification program, which was developed by BofA in collaboration with the states’ attorneys general, targeted 400,000 Countrywide customers whose mortgages were originated prior to December 31, 2007.
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Bank of America now owns Countrywide. In settling the litigation, Bank of America agreed to make loans more affordable for about 400,000 homeowners. "It is the first ever in the country mandatory loan.
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Bank of America , meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial as part of an $8.4 billion legal settlement.
Thanks For Assisting Me With My Refinance – Royal United Mortgage LLC It was a pleasure working with DC and his team throughout the entire mortgage approval process. They were very precise as to what documentation was needed and explained the process to me clearly. DC was always available to answer any questions I had and was available by phone or text. Thank you so much for making my dream of homeownership come.
"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.
Bank of America subsequently dropped the name "Countrywide Home Loans" and renamed it "Bank of America Home Loans". As part of its rescue of the financial system, the Federal Reserve set up a special investment vehicle named "Maiden Lane LLC" to buy risky assets and remove them from the balance sheets of financial institutions.
UPDATE 4-Two states sue Bank of America on mortgage servicing. director of the national state attorneys general Program at Columbia Law School, said it would be difficult for incoming Arizona.
Bank of America is one of the world’s largest banks. The bank had $2.11 trillion in assets as of December 2014. It is "one of the country’s most extensive branch networks," according to Hoover’s, and has been one of the biggest lenders (though its top position suffered in 2012 after billions in mortgage losses).