Bank of America ready to alter risky mortgages
- October 7, 2008
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)