by Moe Bedard
The lawsuit said Countrywide misled customers by offering low “teaser” rates or no closing costs to induce borrowers into loans they couldn’t afford and without disclosing the risk, leading to rising delinquencies and foreclosures.
“(Countrywide’s) practices also have caused a decrease in home values and deterioration of neighborhoods throughout the country and including Tennessee,” the lawsuit [...]
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by Moe Bedard
Homeowner Relief? The Recent Countrywide Settlement in Context
A recent settlement between the California Attorney Generals office, joined by 10 additional states, resulted in one of the widest reaching predatory lending settlements in US history.
Under the landmark agreement, Countrywide Financial’s new owner, Bank of America, agreed to proceed with loan modifications on nearly $8 billion [...]
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