States Push BofA’s Subprime Mod Settlement as a Model
October 10, 2008
Bank of America this week entered into a landmark settlement with 14 states to modify up to 400,000 mortgages, most of which are subprime. The agreement settles lawsuits filed by state AGs against Countrywide this summer around the time of the lender’s merger with Bank of America. The settlement establishes the largest mandatory loan modification program in the country and the...