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 afford and misled them about rates and penalties.
The FTC’s complaint and settlement order name two mortgage servicers as defendants: Countrywide Home Loans, Inc. and bac home loans servicing LP, formerly doing business as Countrywide Home Loans Servicing LP. The settlement requires Countrywide to pay $108 million, which will be refunded to homeowners who Countrywide overcharged before July.
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The lawsuit was filed in December after Bank of America struck a predatory lending settlement with attorneys general in 11 states. In that deal, the bank agreed to modify thousands of mortgages written by Countrywide, providing $8.4 billion in loan aid to an estimated 400,000 Countrywide borrowers.
11 States and $8 Billion Settlement; Countrywide Foreclosures Suspended, Mortgages to be Modified Julie Contents Long island bankruptcy lawyer Residential real estate Cho associates mortgage group High student loan 8.6 bln settlement Sustainable mortgage.
Brown said the $8.68 billion settlement, with $3.5 billion going to his state, is the largest of its kind, far surpassing the $484 million settlement with Household Financial Corp. in 2002.
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Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.. Countrywide, the nation’s largest lender and loan servicer, recently acquired by Bank of America, had been sued by the states over.
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The Department of Justice today filed its largest residential fair lending settlement in history to resolve allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against qualified African-American and Hispanic borrowers in their mortgage lending from 2004 through 2008.
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billion dollar settlements with over a dozen major banks and. fraudulent and unlawful foreclosure actions in the state of Florida. 11. As shown herein, the default servicing and mortgage industry will “fit” their.. and Bank of America4 stopped their foreclosures nationally and the U.S. Attorney General.
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