By Jason Hidalgo • jhidalgo@rgj.com • October 6, 2008 Thousands of Nevadans could benefit from a settlement to modify troubled mortgages and help struggling homeowners stay in their homes, Bank of America officials announced Monday. The $8.4 billion settlement will impact nearly 400,000 customers nationwide who received mortgages through Countrywide Financial Corp. which Bank of America acquired in July. The home-retention program is designed for borrowers who financed their homes through subprime loans or pay option adjustable rate mortgages from Countrywide before Dec. 31, 2007. Potential assistance from the program includes reductions in interest rates and loan principals for eligible borrowers. Some borrowers could also recover their properties’ lost equity or have their interest rates frozen as part of the program....
[read full story]
Your Web Site
