BOA, 8.6 billion plan supporting Countrywide mortgage holders

Bank of America (BOA) has announced a mortgage restructuring plan in favour of about 400,000 borrowers of the controlled Countrywide Financial, taken over by BOA last July. The operation, for a cost of 8.6 billion US dollars, envisages the renegotiation of the terms of the loans either by a downward revision of rates or by a cut in the principal of the subprime loans granted by Countrywide before December 31, 2007.
The plan actually puts an end to the dispute which was previously started by the US Ministry of Justice.
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- Radiocor - Washington, October 6 -