Bank of America Agrees to $8.4 Billion Settlement on Countrywide Loans
Borrowers will need to prove they can pay the first year payments. The bank will expect that principal, interest, tax and insurance payments will equal, 34% or less of the borrowers income.
$150 million is being set aside to help Countrywide borrowers who are already in foreclosures or in serious risk of foreclosure. $70 million will be paid to borrowers who lost their homes to help with the move to their new homes.