"A large number of Phoenix-area homeowners facing foreclosure have received a reprieve.
Bank of America, which last summer bought the nation's largest subprime lender, Countrywide, has suspended foreclosure notices pending against nearly 2,000 homes across the Valley in the past week in an effort to help homeowners hold on to their property. And relief for even more homeowners is expected to follow.
The move, which will lead to cuts in people's mortgage payments, is part of the bank's recent settlement agreement with the office of Arizona Attorney General Terry Goddard and could help stem the growing number of foreclosures that has crippled the local housing market."
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Bank of America agrees to halt 2,000 foreclosures in the Valley
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