BofA: Mortgage holders get $823M in relief
May 29, 2009
By MoneyAisle
According to BankNews, Bank of America has reached a lending settlement that could result in homeowners saving up to $823 million.
“Under the terms of the deal, Bank of America neither admitted nor denied wrongdoing but agreed to modify the terms of 390,000 subprime and ‘option ARM’ mortgages originated by Countrywide Financial Corp., which was acquired by BofA last year, the Wall Street Journal reported.”
As of now, the company has already adjusted 50,000 of the mortgages.