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Arizona Attorney general settles with Countywide
March 13, 2009 was supposed to be a victory for homeowners in Arizona. Facing allegations of consumer mortgage fraud, Countrywide agreed to develop and implement a loan modification program for Arizona borrowers making it easier for homeowners to keep their homes. Unfortunately, Countrywide, (now Bank of America) has repeatedly violated the agreement. 
         Attorney General Terry Goddard filed the complaint in Maricopa County Superior Court on December 17, 2010 after being flooded with complaints by Arizona homeowners. The complaint asks the court to hold Bank of America in contempt for violating the agreement and to order them to pay restitution to homeowners. Goddard stated, “Bank of America has been the slowest of all the servicers to ramp up loss mitigation efforts in response to the housing crisis. It has shown callous disregard for the devastating effects its servicing practices have had on individual borrowers and on the economy as a whole.”
Goddard also urged all homeowners who are in or are facing foreclosure to seek assistance as soon as possible. Homeowners can speak with HUD-approved housing counselors by calling the Arizona Foreclosure Prevention Helpline toll-free at 1-877-448-1211. Borrowers who believe they have ... more

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