If you're a regular listener, you know that Clark is no fan of Bank of America. But right now he's got to give them credit. As the owners of Countrywide, BoA has reached a settlement in 11 states where they'll offer workouts to 400,000 homeowners who were victims of predatory lending.

Mortgagees were put into loans they couldn't afford by Countrywide. Of course, you could argue, "Well, they were adults and signed on the dotted line. Why should they get a workout?" But who among really understands all the mortgage mumbo-jumbo you sign when you buy a home?

This collective workout will cost BoA between $8-9 billion. It will allow mortgagees to re-calculate their monthly payment to one-third their income. The 11 states affected include Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, North Carolina, Ohio, Texas and Washington.

Meanwhile, there's another ongoing action where Countrywide allegedly cheated people by putting false fees on loans to create additional profits. That still has to go through the courts, so there's no telling when it will be resolved.