Business ProfileforBank of America

According to information released Dec. 30, 2008 by the Ohio Attorney General's Office:Under an agreement filed in Cuyahoga County Court of Common Pleas, Ohio will receive $4.39 million dollars as its share of a $150 million dollar nationwide settlement with Countrywide. Approximately 8,000 Ohio homeowners will be eligible for loan modifications and another 4,000 Ohioans will be eligible for foreclosure relief payments.Countrywide customers in Ohio are urged to watch their mail for a letter that will notify them of their options under the terms of the settlement. Eligible subprime borrowers will be offered loan modification options designed to make monthly payments more affordable. Those options will include a freeze or reduction in interest rates, conversion to a fixed rate loan, and a reduction in the principal balance. Eligible borrowers who experienced a foreclosure sale will be offered foreclosure relief payments estimated to be between $500 and $1,500 dollars. Ohio's $4.39 million settlement includes $1 million that will be dedicated to foreclosure prevention efforts. The Ohio Attorney General's Office will distribute the money after posting criteria on its website, www.ag4ohio , and reviewing written proposals. The Ohio Attorney General's Office expects to have those criteria posted and available on the website no later than February 1, 2009. Bank of America acquired Countrywide Financial on July 1, 2008. Bank of America has agreed to fully support and fulfill the terms of the agreement announced Dec. 30, 2008.Countrywide customers in Ohio who want more information are encouraged to call the Countrywide toll-free number 1-800-669-6607. Additional information on the Countrywide settlement is also available on the Ohio Attorney Generals Office website, www.ag.state.oh.us. Other BBB Information:This BBB in Columbus Ohio does not process complaints concerning this company.According to the information we have at this time, all complaints brought to the attention of the BBB system nationwide concerning this company, including locations and operations in Central Ohio, are processed by the BBB of the Tri-Counties in Santa Barbara, CA, directly with the company's corporate offices in California. For a complete BBB report please contact: BBB of the Tri-CountiesWWW: http://www.santabarbara.bbb.orgEmail: info@santabarbara.bbb.orgPhone: (805)963-8657Fax: (805)962-8557PO Box 129Santa Barbara, CA 93102