Countrywide Sending $16.9M to Florida HomeownersSubmitted by bobbyw24 on Wed, 02/17/2010 - 07:53
Countrywide Sending $16.9M to Florida Homeowners
By: Carrie Bay 02/16/2010
Some 16 months after Countrywide Financial reached an agreement with the Florida attorney general’s office to settle one of the biggest predatory lending lawsuits in the nation’s history, restitution is coming for distressed[IMAGE]homeowners. More than 2,700 Countrywide borrowers in the Sunshine State are being sent foreclosure relief payments from the lender that now bears the Bank of America Home Loans name.
According to Florida Attorney General Bill McCollum, more than $16.9 million will be distributed this week, and each check will be written for just over $6,000. “These checks will make a significant difference for Floridians who are trying to save their homes,” McCollum said. “This will provide real relief to struggling homeowners and families.”
In July 2008, McCollum filed a lawsuit against Countrywide – then one of the nation’s largest mortgage companies – for allegedly engaging in deceptive and unfair trade practices. The lawsuit claimed Countrywide
put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading.
In July of last year, Countrywide sent $7.46 million to borrowers in Texas who had already lost their homes or were facing imminent foreclosure.