Bank Of America Vows To Modify $40B In Problem Loans

The New York Times reports:

• Bank of America will expand efforts to help Countrywide Financial borrowers avoid foreclosure on troubled mortgages, a top bank executive said Monday. The announcement came as members of the Federal Reserve Board convened two days of public hearings on Bank of America’s proposed $4.1 billion stock deal for Countrywide, based in Calabasas, Calif. The executive, Liam E. McGee, president of Bank of America’s global consumer and small-business banking operation, said the bank would modify at least $40 billion in problem loans from at least 265,000 borrowers over the next two years.

For more, see Bank of America Vows More Help for Countrywide Mortgage Debtors.