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Bank Of America To Give 400,000 Borrowers A Break

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Bank Of America To Give 400,000 Borrowers A Break

Bank Of America To Give 400,000 Borrowers A Break

Bank Of America To Give 400,000 Borrowers A Break

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  • <iframe src="https://www.npr.org/player/embed/95430219/95430195" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Bank of America has come to an $8.4 billion settlement with a number of states regarding certain risky loans. The bank is prepared which to rewrite 400,000 former Countrywide customers' mortgages, in an effort to keep them in their homes.

Under the new mortgages, payments cannot be more than 34 percent of the homeowners' income. We explore who is eligible and what the settlement is likely to accomplish.