Bank of America to Modify Mortgages, Help Homeowners

Bank of America Corp., seeking approval of its Countrywide Financial Corp. takeover, plans to modify at least $40 billion of mortgages during the next two years to keep customers in their homes.

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Both Bank of America and Countrywide have doubled their staffs to a combined 3,900 employees to handle troubled mortgages and this level will be maintained for a year after the acquisition, McGee said.