Countrywide mortgage pact may be worth $3.5 billion to California loan holders - Los Angeles Times
Countrywide mortgage pact may be worth $3.5 billion to California loan holders
Bank of America Corp. agrees to nation's largest mortgage-workout program to settle charges of lending abuse.
By E. Scott Reckard, Los Angeles Times Staff Writer
October 6, 2008
An estimated 125,000 Californians who are struggling with risky mortgages from Countrywide Financial Corp. may get their loans modified and payments reduced under a program to be announced today.
In a pact that could save mortgage holders billions of dollars, Countrywide owner Bank of America Corp. has agreed to the nation's largest loan-modification program to settle charges of lending abuse brought by California and other states.