April 11, 2008: 91 Groups ask BOA for Moratorium on Countrywide Foreclosures

A letter drafted by the California Reinvestment Coalition and signed by 91 California community groups was sent to Bank of America’s Chief Executive Officer Kenneth Lewis asking him to:
·         Initiate an immediate foreclosure moratorium on all mortgage loans in Bank of America’s and Countrywide’s portfolios, including those that are currently being serviced.
·         Modify loans for borrowers in danger of losing their homes to a fixed conventional loan with an interest rate of no more than 6% for 30 years.
·         Maintain Countrywide’s headquarters in Calabasas, and its loan servicing center in Simi Valley.  These Countrywide employees are needed to modify and restructure loans.
Click here to read the letter.
Click here to read the press release.