Bank of America to alter lending rules
CHARLOTTE, N.C. - Bank of America Corp. said Tuesday it will tighten its mortgage-lending standards after it completes its acquisition of Countrywide Financial Corp., and it will stop making one type of loan widely blamed for foreclosures.The Charlotte-based bank's plans came as part of testimony before the Federal Reserve Bank of Chicago, which held a meeting about the company's $4 billion deal to acquire the California lender.
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