Industry NewsMortgage

BofA plans $40 billion in workouts after Countrywide merger

Combined company's mortgage HQ to be in California
Published on Apr 29, 2008

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by CareyBot

In another move intended to smooth the way for its planned acquisition of Countrywide Financial Corp., Bank of America has announced that the combined company would work to modify $40 billion in troubled mortgages in the next two years -- about 265,000 loans.

Bank of America also announced Monday that it's committed to make $1.5 trillion in community development loans and investments over the next 10 years, double the existing goal of $750 billion.