Homeownership Retention Program for Countrywide Customers announced by Bank of America

RISMEDIA, Oct. 7, 2008- This week, Bank of America announced the creation of a proactive home ownership retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide

According to the company, the program was developed together with state Attorneys General and is designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Bank of America acquired Countrywide July 1, 2008.

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Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers

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