B of A asked to halt all Countrywide foreclosures

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[size=18]B of A asked to halt all Countrywide foreclosures[/size]

Kerri Panchuk | 02.20.08
Organizations that advocate for homeowners are asking Bank of America (BofA) to halt all foreclosures that happen under the umbrella of Countrywide Financial Corp. The request comes at a time when news of BofA's plan to acquire Countrywide has raised the ire of housing advocacy groups in California. Among them is the California Reinvestment Coalition, which drafted a letter and sent it to BofA on behalf of other concerned housing agencies.

In the letter, ninety-one community groups requested that if the banking platform should move forward with the acquisition of Countrywide's lending platform, they want the company to immediately halt all foreclosures. In addition, the agencies want BofA to modify endangered Countrywide loans into fixed-rate conventional mortgages, while also keeping more Californians at work through the continued operation of Countrywide's headquarters in Calabasas and its servicing center in Simi Valley

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