Industries

Bank of America ready to alter risky mortgages

• October 7, 2008
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About 8,000 people in Virginia who took out risky mortgages through Countrywide Financial are eligible for cheaper, renegotiated loans.

Bank of America, which acquired Countrywide in July, said yesterday that a new home-retention program will be used to modify troubled mortgages.

Countrywide spokeswoman Jumana Bauwens, based in California, said she did not have a dollar amount of payment reductions in Virginia. (Richmond Times-Dispatch)