Oct 06
In a sweeping deal that could be worth more than $8.4 billion,
Bank of America Corp. has agreed to settle claims
brought by state Attorneys General regarding certain risky loans
originated by Countrywide Financial Corp. The move will diffuse
some of the legal problems Bank of America inherited with its purchase of
Countrywide Financial Corporation last July.
The new program will involve the creation of a proactive home
retention solutions expected to affect nearly 400,000 former
Countrywide customers.