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.”

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One Response to “Countrywide’s Predatory Lending Settlement”

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


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