Lansing (AP) -- Michigan is among 11 states participating in a settlement in which Bank of America will modify tens of thousands of loans to keep people from losing their homes.
The settlement applies to people who obtained their mortgages through Countrywide Financial, which Bank of America purchased in June.
Michigan Attorney General Mike Cox says Countrywide will refinance as many as 9,700 mortgages in Michigan. He announced the settlement Monday.
Bank of America was facing a lawsuit over deceptive mortgage practices. Borrowers stuck with Countrywide Financial mortgages that they can't afford could see their interest rates reduced or have the loan principal cut.
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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