Countrywide Settlement Funds State Counseling Grant

Posted by Orb Staff on June 30, 2009 No Comments
Categories : Mortgage Servicing

ia Attorney General Bill Mims has awarded $50,000 for foreclosure relief counseling for Virginia families. The grant funds, which will go to nonprofit counseling agencies and are projected to benefit about 200 families facing foreclosure, are from a January 2009 settlement with Countrywide Financial Corp. The settlement addressed alleged deceptive acts and practices with Countrywide's mortgage activities in Virginia. Under the court-approved settlement, Virginia set aside $50,000 for foreclosure education. "In this difficult economic climate, an unprecedented number of families are struggling to make ends meet," Mims says. "I am pleased that these funds from the Countrywide settlement will provide a real benefit to Virginia families in danger of losing their homes to foreclosure." The donation will supplement funds allocated by the Virginia Housing Development Authority (VHDA) and the Department of Housing and Community Development. The VHDA will administer the grant program. SOURCE: Office of Virgina Attorney General Bi

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