0 votes

Countrywide Sending $16.9M to Florida Homeowners

Countrywide Sending $16.9M to Florida Homeowners
02/16/2010
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.

Continue

http://www.dsnews.com/articles/countrywide-sending-17m-in-fo...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Top post. I look forward to

Top post. I look forward to reading more. Cheers

bad credit home loan

A good read, definitely worth

A good read, definitely worth a cut and paste. Thanks!

hire purchase

while I think it is great

while I think it is great that floridians are getting some money from Country wide...I do think they should shoulder some of the responsibility for taking a loan they could neither afford or not reading the rates and penalties that would be included in this loan..
I knew what I was willing to pay for a house....I knew what we could afford...and I stuck to it...when we went in to get approved for a loan it was like $100,000 more than what I knew we could comfortably afford... (75,000) I could look ahead...and see that I still needed food on the table and clothes on our back....
where is the line drawn between them telling me what I could afford and me knowing what I could afford??

"and the truth shall make you free"
John 8:32

of course you are right about sticking to a budget

but there was more going on with CountryWide and the Mortgage derivatives market than meets the eye. And it was just succulent PR to keep blaming "the greedy homeowners" for the Real Estate Bubble popping.

oh by the way the Fed will stop buying Mortgages (and its offspring) in March. Rates are going up again. Watch out for another bunch of foreclosures.

oh and and and

with so many people currently refinancing with the low interest rates to shorter term mortgages - guess what Bank of America is gearing up for?

Guess?

The Home Equity Loan market is going to make a comeback in a big way. People will have more equity in their house and the banks are going to make it irresistible yet again to use that house like an ATM.

Florida made out! RI only got $2,900 per house

Florida made out! Rhode Island homeowners only got $2,900 per house in that shady deal they made with the Attorney General.

Very useful info. Hope to see

Very useful info. Hope to see more posts soon!
investment loans

Cheers for the info. It was a

Cheers for the info. It was a good read.

business accountant melbourne

for those that don't know what is going on

In order to get the money the homeowner has to sign papers saying that they will not challenge CountryWide further in court. and are agreeing - in essence - that CountryWide owns (owned) the house. The real deal is that CountryWide probably sold the mortgages to China and did not actually hold paper to the property.

The "Relief" that CountryWide is brandishing around is really a corporate payoff - most likely figured into the costs of the Bank of America acquisition of CountryWide - making sure that homeowners don't try to pull the SHOW ME THE PAPERS! I'M NOT PAYING MY MORTGAGE AND AM GOING TO LIVE IN THIS HOUSE AND THERE IS NOTHING YOU CAN DO ABOUT IT routine.

Interesting read, thanks for

Interesting read, thanks for helping keep me busy at work ;)

loans for bad credit