Countrywide Settlement Spurs BofA to Offer Principal Forgiveness
April 5, 2010
A significant settlement agreement between Countrywide Financial Corp and the Massachusetts Attorney General has led CFC’s parent, Bank of America, to announce principal forgiveness as a priority modification tool for severely underwater mortgage loans. The March 24 settlement between Massachusetts AG Martha Coakley and CFC, a BofA subsidiary, expands on an earlier...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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