Countrywide’s Predatory Lending Settlement

Posted on January 6, 2009. Filed under: Loan Modification, Mortgage Audit, Mortgage Law, Predatory Lending | Tags: , , , , , |

Countrywide Financial Corp. has agreed to make loan modifications for about 395,000 U.S. mortgage holders and pay $150 million into a foreclosure relief fund to settle predatory lending complaints filed by various states, including Kentucky.

About 2,500 Kentucky borrowers will be offered loan restructuring under the settlement, Kentucky Attorney General Jack Conway’s office said in a news release.

The subprime lender, which was bought last year by Bank of America, has agreed to restructure more than $252 million of outstanding debt owed by Kentuckians, Conway’s office said in the release.

“This mandatory loan modification program will provide immediate relief to Kentucky borrowers who are facing foreclosure,” Conway said in the release. “The goal is to help these borrowers remain in their homes into the future with an affordable mortgage loan.”

Read more…

Make a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

One Response to “Countrywide’s Predatory Lending Settlement”

RSS Feed for Foreclosure Combatant Comments RSS Feed

Very informative post, keep up the good work. I recently posted a video about this. Your readers might want to watch it.

Where's The Comment Form?

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: