Yes, this is not a typo. Although you may never have expected to be thankful for that %^%*%* CountryWide loan, now you can be. Bank of America, which found itself the proud (?!) owner of some twelve million CountryWide home loans when it bought the company, has announced that it will cut some 45,000 CW borrowers a break.

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While the program may be expanded at a later date, initially it will cover those with 2-year adjustable mortgages -- a common subprime or bad credit mortgage product.

B of A's statement: "To make the program even more accessible, we will expand the eligibility date to include loans originated on or before January 1, 2009. We will also extend the program end date to December 31, 2012. As soon as the program details are in place, we will begin offering this enhanced program to all of our qualified customers.”

What's a qualified customer?

Loan Forgiveness Program:

You must be at least 60 days or more delinquent and your loan must be at least 120% of your property's value.

If you have a Pay Option loan with negative amortization, you must be delinquent for 60 days and face imminent default. The loan-to-value must exceed 95 percent.

National Home Ownership Retention Program

B of A does not underwrite subprime mortgages. This program is only available to customers who took out a subprime mortgage or a Pay Option adjustable rate mortgage before 2008. You must be delinquent at least 60 days and your loan to value ratio must be at least 75 percent.