BofA Tackles Countrywide Cases With $8.4B Plan

Law360, New York (October 6, 2008, 12:00 AM EDT) -- Bank of America Corp. has announced it will rescue subprime and adjustable rate mortgages with a plan worth up to $8.4 billion that settles deceptive lending charges brought by several states against Countrywide Financial Corp.

In a home retention plan announced Monday, Bank of America — which acquired Countrywide on July 1 — said it would modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide customers nationwide.

“Unlike last week’s congressional bailout, this loan-modification program provides real...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.