BofA to modify 265,000 Countrywide loans

by Morgan on April 29, 2008

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Bank of America announced that it plans to work-out approximately $40 billion of loans in trouble at Countrywide as part of it’s acquisition of the failed mortgage lender. BofA estimates that the $40 billion will result in a little over a quarter-million homeowners keeping their homes instead of losing them to foreclosure.

From the Pacific Business News on the new BofA initiative:

In addition, BofA says it will continue its policy of allowing tenants living in properties facing foreclosure to remain on site for 60 days after the completion of foreclosure proceedings. They will receive $2,000 to defray moving expenses if they leave voluntarily within 30 days of the completion of foreclosure proceedings.

BofA (NYSE: BAC) says it plans to spend $1.5 trillion over the next 10 years in community-development efforts that focus on affordable housing, economic development and consumer and small-business lending. BofA is the second-largest bank in the Sacramento region, based on deposits, according to the Federal Deposit Insurance Corp.

You can read the full press release from Bank of America on the initiative here.

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