I'm sure you are aware that Bank of America bought out Countrywide months ago. Well they have agreed to work with some home owners here in Florida with theree mortgage loans.

Here is a quick look at what they are doing. Now if you would like to read the whole article you can go here.

More than 57,000 Florida homeowners stand to benefit from a landmark settlement reached Monday between Florida and Countrywide Financial Corp., the giant subprime mortgage lender.

Florida residents could be in line for nearly $1 billion in total financial relief. Most of that will be money saved on modified loans, officials say.

Florida Attorney General Bill McCollum sued Countrywide this summer, accusing the lender of putting borrowers into mortgages they couldn't afford or approving loans with interest rates and penalties that were misleading.

Under terms of the agreement, Countrywide will modify loans for an estimated 52,000 Florida borrowers and suspend foreclosure proceedings on all loans that meet the eligibility criteria while determining whether the borrowers qualify for loan modifications.

The settlement also calls for Countrywide to pay $20 million overall to an estimated 5,600 Florida borrowers who have lost their homes to foreclosure after experiencing an early payment default or interest-rate reset.

This is not a quick fix, but I believe it can generally help a bunch of people. I hope this loans are taken cared of properly.