11 States and $8 Billion Settlement; Countrywide Foreclosures Suspended, Mortgages to be Modified

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To settle the claims, Countrywide has agreed to provide $8.68 billion in direct loan relief, which includes for $3.5 billion for struggling California homebuyers, under the deal to be announced.

To settle the claims, Countrywide has agreed to provide $8.68 billion in. and pay-option mortgage borrowers to obtain a modified and more affordable loan. The settlement, among other things,

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The nation’s largest mortgage lender, recently bought by Bank of America, settled "predatory lending" lawsuits with 11 states and will give back nearly $9-billion to Countrywide customers. Florida’s lawsuit alleged countrywide put people in mortgages they couldn’t.

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Meanwhile, attorneys general from states across the nation sued Countrywide over deceptive lending practices before 15 of them negotiated an $8.4 billion settlement. by the mortgage industry as an.

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Any settlement could be one of the largest to hit the mortgage industry. In 2008, Bank of America settled claims worth more than $8.6 billion for loans allegedly involving predatory lending practices committed by Countrywide Finance Corp., which it acquired that year.

This page contains a single entry by Denise Richardson published on October 8, 2008 11:02 AM. 11 States and $8 Billion Settlement; Countrywide Foreclosures Suspended, Mortgages to be Modified was the previous entry in this blog. Who’s being bailed out, who’s being rescued and what does it all mean? is the next entry in this blog.

Countrywide had argued that the laws negated obligations it might have had to buy back modified loans. In 2008, Countrywide agreed with some 11 state attorneys general to modify $8.4 billion of loans made to roughly 400,000 borrowers. Investors who own mortgage securities typically.

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NEW YORK (Reuters) – As part of a settlement with state attorneys general that could be worth as much as $8.6 billion, Bank of America Corp said on Monday it would cut interest rates and principal.

Bank of America has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion, legal settlement reached with state officials in early October.

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