Countrywide Reaches Settlement With Wisconsin AG

Posted by Orb Staff on February 20, 2009 No Comments
Categories : Mortgage Servicing

Wisconsin Attorney General J.B. Van Hollen has reached a settlement with Countrywide Financial Corp. According to the attorney general's office, the arrangement will provide loan modification eligibility and over $41.1 million in other economic relief for Wisconsin borrowers.

Countrywide has agreed to provide affordable, streamlined loan modification offers to over 2,900 eligible borrowers with subprime and pay option adjustable-rate mortgage borrowers; more than $1.6 million in foreclosure relief benefits for Wisconsin consumers; and waivers of default/delinquency fees, loan modification fees and prepayment penalties.

The settlement followed an investigation into – among other issues – the marketing practices of Countrywide. Wisconsin and other states investigating the company alleged that Countrywide misrepresented the quality and benefits of its products. A portion of the settlement money will be used for foreclosure mitigation programs.Â

SOURCE: Office Of Wisconsin Attorney General J.B. Van Hollen

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