October 08, 2008

Countrywide Settles with 11 States

Major Milestone

Countrywide Home Loans has settled lawsuits filed by the Attorney General of 11 states.

This settlement is a major milestone as the 1^st mandatory mortgage workout program in the United States.

As part of the settlement, Countrywide, which is now owned by Bank of America, will re-negotiate mortgages so they do not exceed 32 percent of a family's household income. Also as part of the deal, Countrywide foreclosures will be suspended.

The deal helps more than 11,000 people in Illinois.

See below for a link to the story and to view the video as it aired on local television


	Countrywide Settles with 11 States

	http://abclocal.go.com/wls/story?section=news/local&id=6434584

Topic Tags: bank of america, countrywide, countrywide home loans, illinois attorney general, lisa madigan, loan workout, mortgage workout, stop foreclosure chicago, stop foreclosure illinois

by William Diehl

↑top

link to this

Post a Comment

Title:

Summary:

Content:

Links:

Your info:

Name:		Required; will be displayed with comment.
E-mail:		Required (in case we need to contact you); will NOT be displayed with comment.
Web:		Optional; will use to hyperlink your name in the comment.
Twitter:		Optional; allows visitors to follow you on Twitter.
Save this in my browser

Verification:

Type the characters you see in the picture above.

Letters are case sensitive.

Notice: Your thoughtful opinions are valued and encouraged, but all comments are moderated so there will be a delay between the time you post your comment and when it appears in this site. Please don't be offended if your comment is edited for clarity or to avoid questionable matters. Offensive or off-topic comments will be deleted.