11 States and $8 Billion Settlement; Countrywide Foreclosures Suspended, Mortgages to be Modified

But many details about the $8.5 billion settlement that replaces it remain murky.. A former Countrywide and Bank of America executive named by Justice. 800,000 homeowners missed out on mortgage modifications because of big banks'. Under the foreclosure settlement with big banks, states got $2.5 billion to help.

October 6, 2008 Countrywide to Set Aside $8.4 Billion in Loan Aid By GRETCHEN MORGENSON Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.

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As of June 30, the bank had not modified. over foreclosure-related errors, modify mortgages by reducing principal owed and refinance loans for customers whose mortgages are worth more than their.

(Legal Newsline)-With news of a billion-dollar settlement between financial giant Bank of America and attorneys general from 11 states. subprime and pay-option mortgage borrowers to avoid.

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Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, On January 11, 2008, Bank of America announced that it planned to purchase Countrywide.

Under the settlement, Countrywide will contact all borrowers who may be eligible for a modification. However, you can also call Countrywide toll-free at (800) 669-6607 to ask for a modification. If you do call Countrywide, please write down the full name of the person you talk to, and the date and time of your call.

The lawsuit was filed in December after Bank of America struck a predatory lending settlement with attorneys general in 11 states. In that deal, the bank agreed to modify thousands of mortgages written by Countrywide, providing $8.4 billion in loan aid to an estimated 400,000 Countrywide borrowers.

Written by J. Bruce Boisture Managing Partner Grais & Ellsworth LLP To settle allegations of predatory lending made by the Attorneys General of California, Illinois, and nine other states, Countrywide Financial Corporation proposes to modify the mortgage loans of some 400,000 borrowers, a proposal estimated to be worth some $8.4 billion to those borrowers.

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