Bank of America Pledges Help to Troubled Owners

With the takeover of home-loan giant Countrywide Financial Corp imminent, the Bank of America took time off its round table negotiations to promise help to the troubled 265,000 borrowers struggling to keep their homes over the next two years by refinancing or modifying at least $40 billion in mortgages.

Bank of America also plans to double its community development lending, which focuses on affordable housing, small businesses and people in low-income and minority neighborhoods, to $1.5 trillion during 10 years, said Liam E. McGee. "It's very much our intent to make mortgages available to the undeserved. But we're going to make sure that people who get loans from us repay them and stay in their homes."

According to reports from The Times, the nation's largest retail bank also plans to donate $2 billion to charity over the coming decade, a 33 percent increase from its current level.

McGee is expected to unveil the commitments Monday while testifying at a Federal Reserve hearing on the bank's plan to buy Countrywide, the nation's largest mortgage lender, for $4 billion in stock.