home loans: Countrywide to modify troubled home loans
- 10/12/08 12:47 AM
Countrywide Mortgages, now owned by Bank of America Corp. has agreed to the largest program ever to modify home loans in response to a potential lawsuit over deceptive lending practices. Countrywide will modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for almost 400,000 customers. The settlement should help about 8,000 Ohioans. About one-fourth to one-half of all Countrywide subprime loans in the Ohio are delinquent according to Ohio Attorney General Nancy Rogers ."Foreclosures have devastated our communities and crippled our economy," she said. Borrowers whose first payment was due between Jan. 1, 2004, and Dec. 31, … (0 comments)
Countrywide Mortgages, now owned by Bank of America Corp. has agreed to the largest program ever to modify home loans in response to a potential lawsuit over deceptive lending practices.
;)
;)
