Bank Of America Settles Suit Over Bad Mortgages

from National Public Radio

Facing a lawsuit over deceptive mortgage practices, a Bank of America subsidiary will modify tens of thousands of loans to help keep people in 11 states from losing their homes. Borrowers stuck with Countrywide Financial mortgages that they can't afford could see their interest rates reduced or have the loan principal cut. Bank of America purchased Countrywide in June, at the same time Illinois and California sued Countrywide.

Broadcast Dates

• Morning Edition, October 6, 2008