Bank of America announced the creation of a program for home care Proactive systematically changed the troubled mortgages with up to $ 8400000000 in interest rates and capital, which has 400,000 customers Countrywide Financial Corporation National. The program was developed in cooperation with the State Attorney General and is designed, affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay-option adjustable rate mortgages serviced by Countrywide and before 31 December was created in 2007 to achieve. Bank of America acquired Countrywide 1st July 2008.
This home retention program underscores the commitment of the Bank of America to provide our customers with the necessary resources and support to get around their home.
It is estimated that the loan modification program will result in a permanent payment relief with a total of 400,000 Countrywide borrowers across the country.
In the countries participating in the program, up to 150 million U.S. dollars in relief payments to borrowers who can not see do not pay at the beginning of their credit terms, or after a reset of the interest, while the allocation of more than million for a program Resettlement assistance to borrowers who do not keep their homes with moving expenses.Countrywide has taken a proactive approach to eligible borrowers.
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