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B Of A To Help Troubled Countrywide Borrowers

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Apr 28, 2008 10:41 am US/Pacific

B Of A To Help Troubled Countrywide Borrowers

LOS ANGELES (AP) ― A top executive for Bank of America Corp. says the company will expand efforts to help Countrywide Financial Corp. borrowers avoid foreclosure on troubled mortgages.

The announcement came Monday as members of the Federal Reserve Board began two days of public hearings on Bank of America's proposed $4.1 billion stock deal for Calabasas, Calif.-based Countrywide.

Liam McGee, president of Bank of America's global consumer and small business banking operation, said the bank will modify at least $40 billion in problem loans from at least 150,000 borrowers over the next two years.
 
The acquisition, which is expected to close in the third quarter, would make Charlotte, N.C.-based Bank of America the nation's largest mortgage lender in addition to the nation's largest consumer bank.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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