Bank of America settles lawsuit over bad mortgages

PHOENIX – Some welcome news for thousands of Arizonans struggling to keep their homes. Bank of America said today it will modify troubled mortgages for nearly 400,000 customers of Countrywide Financial Corporation, the troubled mortgage lender it acquired last summer. The announcement comes after the Illinois attorney general’s office said yesterday that the bank was modifying loans for customers in 11 states, including Arizona.

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