BofA tallies $15.8 billion in mortgage aid to borrowers
The National Urban League Wire
Published: Fri. Nov 16, 2012 at 12:30 pm | Updated: Fri. Nov 16, 2012 at 12:33 pm | Comments: 0

Chicago Tribune: BofA tallies $15.8 billion in mortgage aid to struggling borrowers

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(Reuters) - About $15.8 billion in mortgage relief is making its way to 164,000 Bank of America Corp customers under a landmark settlement with state and federal officials, the bank said on Wednesday.

Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks that agreed in February to a $25 billion deal to help struggling borrowers to settle accusations they pursued faulty foreclosures and misled borrowers who sought loan modifications.

The five banks are filing quarterly reports on Wednesday to the settlement's monitor, former North Carolina state banking commissioner Joseph Smith, who will later file a report compiling the data.

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