Bank of America Continues Loan Modifications

The Wall Street Journal reported that Bank of America has modified more than 50,000 mortgages as part of its settlement of predatory lending charges brought against Countrywide Financial Corp. I've included a few sentences from the article below. To read the entire article, go to http://online.wsj.com/article/SB124303628704748875.html.

"Bank of America says that the modifications done to date are saving borrowers an average of $195 per month in principal and interest payments. Ninety-three percent of the modifications have involved subprime mortgages."

"Bank of America says it extended modification offers to more than 100,000 borrowers in the first four months of the program. "We are ahead of our projected pace," a company spokesman says. Because the program is so new, the company doesn't know how many borrowers have remained current on their modified loans, he adds."