91 Community Groups Ask BofA to Halt Foreclosures of Countrywide Mortgages and…
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BofA, Community Groups, Countrywide, foreclosures February 21st, 200891 Community Groups Ask BofA to Halt Foreclosures of Countrywide Mortgages and Develop Plan to Address Victims of Countrywide’s Unscrupulous Lending
SAN FRANCISCO, Feb 20, 2008 /PRNewswire-USNewswire via COMTEX/ — Countrywide Financial’s shoddy lending practices have left hundreds of thousands of mortgage borrowers at risk of losing the single most important asset in their lives — their homes. If Bank of America acquires Countrywide, these mortgage borrowers could either benefit or suffer greatly from the merger. A letter signed by 91 California community groups was sent today to Bank of America’s Chief Executive Officer Kenneth Lewis asking him to declare a foreclosure moratorium, and ensure the Bank will keep troubled borrowers in their homes.
In acquiring Countrywide, Bank of America will be responsible for more than nine million new customers. The 91 California community groups, many of whom serve homeowners threatened with foreclosure as a result of predatory subprime loans, are asking Bank of America to develop a plan that outlines exactly how the Bank will help their customers avoid foreclosure. The letter to Mr. Lewis, which was drafted by the California Reinvestment Coalition, had three specific requests. If Bank of America acquires Countrywide, the groups are asking the Bank to:
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Tags: BofA, Community Groups, Countrywide, foreclosures
