Advocates Warry Of BoA, CFC Deal

A quartet of consumer groups have expressed their apprehension about the proposed takeover of Countrywide Financial Corp. here by Charlotte, N.C.-based Bank of America in a letter to the two top Democrats in Congress overseeing financial matters.

The four groups - the California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Neighborhood Economic Development Authority project and New Jersey Citizen Action - sent a letter addressed to Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, and Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, calling for Congress to hold hearings on this matter.

"Congress has a one-time opportunity to take millions of current homeowners out of financial jeopardy, and stabilize the financial well-being of countless neighborhoods," says Alan Fisher, executive director of the not-for-profit California Reinvestment Coalition. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/

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