Pushing to fast-track its takeover of wounded home-loan goliath Countrywide Financial Corp., Bank of America Corp. will promise to help 265,000 troubled borrowers keep their homes over the next two years by refinancing or modifying at least $40 billion in mortgages. Bank of America also plans to double its community development lending, which focuses on affordable housing, small businesses and people in low-income and minority neighborhoods, to $1.5 trillion over 10 years, said Liam E. McGee, the bank’s top consumer and small-business executive. In addition, the Charlotte, N.C.-based bank will donate $2 billion to charity over the coming decade, up 33% from its current level. McGee is to unveil the commitments today while testifying at a Federal Reserve hearing on the bank’s plan to buy Countrywide, the nation’s largest mortgage lender, for $4 billion in stock. The combination would give Bank of America 25% of the U.S. mortgage market. Regulatory approval of the deal is expected, and the bank hopes to win speedy approval and complete the acquisition in July. For the full story visit http://www.latimes.com/business/la-fi-countrywide28apr28,1,6949329.story
