Countrywide To Repay Up To $11.5M In NC

Posted by Orb Staff on December 05, 2008 No Comments
Categories : Residential Mortgage

As part of a settlement announced by the North Carolina State Banking Commission, Countrywide Home Loans and Countrywide Mortgage Ventures will refund up to $11.5 million to borrowers in the state who were overcharged on mortgages.

When investigating Countrywide, the commission discovered ‘serious and systematic violations’ of North Carolina's lending laws that limit allowable charges on first and second mortgages, the Winston-Salem Journal reports.

An additional $2 million will be given to 26 nonprofit borrower counseling agencies working to prevent foreclosures in the state.

Source: Winston-Salem Journal

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