Industry NewsMortgage

BofA to kill Countrywide’s subprime, option ARM programs

Regulators hold hearings on planned merger
Published on Apr 22, 2008

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by CareyBot

Bank of America officials told regulators today they plan to discontinue Countrywide Financial Corp.'s option ARM loan program and "significantly curtail" other nontraditional mortgages such as low-documentation loans "as soon is as practical" after closing a deal to acquire the company later this year.

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