Bank of America pursuing separate mortgage pact

CHARLOTTE, N.C. – Aug. 4, 2011 – Bank of America Corp. is pursuing a settlement that could reduce loan balances for struggling homeowners in exchange for a release from legal claims against the Charlotte bank, a person familiar with the matter said Wednesday.

The talks are separate from ongoing discussions between five major lenders, including Bank of America, and federal officials and state attorneys general. It’s unclear when either set of talks will conclude and whether they will result in agreements.

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