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Penn. AG Settles Countrywide Suit.
Byline: Jennifer Harmon
Harrisburg, PA-The Pennsylvania attorney general's office said it has reached a $150 million settlement with Countrywide Financial Corp. to obtain mortgage relief and cash assistance for thousands of Pennsylvania residents with subprime loans sold through Countrywide.
More than 10,000 homeowners may be eligible for loan modification, relocation assistance and mortgage foreclosure relief as part of the negotiated settlement, according to the AG's office.
Attorney general Tom Corbett's investigation found that Countrywide violated the state's consumer protection law by misrepresenting in its advertising that mortgage and loan packages were created by "personal loan consultants" and tailored to the needs of individual consumers.
The AG alleged that the lender failed to exercise due diligence and increased its sales and profits by relaxing its underwriting standards, which ...
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Source: HighBeam Research, Penn. AG Settles Countrywide Suit.