Does Countrywide now Bank of America owe you money?

By
Real Estate Agent with Mission Realty Group Cal BRE#01427412

Does Countrywide now Bank of America owe you money? -The Justice Department is confronted with a challenging task of locating over 200,000 alleged victims and establishing a method of compensation after a $335million dollar fair lending settlment with Bank of America's Countrywide unit. The agreement was reached in December 2011.

Those victims suspected of being the most difficult to locate are the minority borrowers who suffered the most from the discrimination alleged to have occurred as a result of the lending practices of Countrywide.

This is because these victims are among those most likely to have experienced home foreclosure, forcing them to relocate not once but possibly numerous times. One civil rights group spokesman said it would be extremely difficult to locate all of these families.

lady standing in front of white house holding a vase, for sale sign in yard and blue sky

The importance of this case is signified because it is the first by the Justice Department accusing a lender of erroneously directing mortgage borrowers to more expensive mortgages. The difficulty lies not only in locating all those borrowers affected, but also how to establish fair monetary amounts for compensation of the victims. 

How can the Justice Department equitably establish a compensation amount for a family uprooted from their home while at the same time being prompted into agreeing to a more expensive subprime mortgage loan?

Borrowers could receive compensation ranging from several hundred dollars to several thousand with the most going to victims of subprime loans.The agreement that was announced in December 2011 made history as the largest residential fari lending settlement, addressing allegations that Countrywide and subsidiaries participated in a far-reaching pattern of discriminatory lending practices spanning from 2004 to 2008, aimed primarily at Hispanic and black borrowers.

Borrowers were allegedly charged higher costs, lendere fees, and prompted into high rate submprime loans, even when they were qualified candidats for prime mortgage loans, which are only offered to those with acceptable credit histories.

According to Bank of America, it reached the settlement in an effort to address the issues caused by Countrywide's alleged lending practices, which they report took place before they acquired the lending company back in 2008.

Bank of America also stated it had dropped the offering of Countrywide's questionanable products and discontinued the lending practices that did not meet BOA's commitment to equal and fair treatment of its customers.

One possible link in finding the victims may be with the Federal Trade Commission, who also had a Countrywide settlement in 2010, as the Justice Department begins the daunting task of tracking down the affected victims. Refund checks to affected borrowers in this settlement began to be mailed in the summer of 2011. However, a year and a half after the settlement, 1/4 of the settlement money still remains with the FTC because some victims have not yet been found and others fear cashing the check thinking it's a scam. Unclaimed funds will be donated to charities. 

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Topic:
Mortgage / Finance
Groups:
Military Relocations
Divorce and Real Estate
Tags:
minority and subprime loans
compensation for unfair lending practices

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Anonymous
Geraldine Johnson

I woule like to know if I am owed compensation from Countrywide as a part of the law suit that is ongoing I received a letter during the first of this year, telling me that I might be entitled, as I was under

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I would like to know if I am entitled to a settlement from Countrywide.  I received a letter the first part of this year, stating that I might have been discrimating against, but I haven,t heard anything else about itI am thankful for any info. that you can provide me concerning this lawsuit. Thank you. G. Johnson.

 

 

 

country

Dec 01, 2012 12:23 PM #1
Anonymous
Cassandra T. Thacker

I would like to know how i go about getting the money im owed from Countrywide.  Me and my exhusband have been seperated for approximatly 9 years but are still legally married and have no seperation papers and would like to know how we could get the amount owed sent in two seperate check his half and my half his name is Garrett Thacker Jr. We were sent a check for the full amount but could meet an agreement with cashing the check due to the banks having to hold the money in and account.  Could you please give me an answer to what needs to be done in order to get the money owed to both of us.  The property the mortgage was on is 1154 Park Ave. Mineral VA, 23117.

 

Thanks

Cassandra Thacker

 

Sep 27, 2013 11:04 AM #2
Anonymous
Joel

How do I check to get my money? Thanks

Jan 01, 2015 01:26 PM #3
Anonymous
Anthony Johnston

My moms place was handeled by Bank of America mortgage lender since 2001& equitie loan on top of her Forclosure notice all leading to the quick sale of her propertya my inheritence

Sep 15, 2015 07:12 AM #4
Anonymous
Kimberly

How can I check to see if Countrywide owes me money?

Dec 23, 2016 05:15 PM #5
Anonymous
Todd Trygstad

Hi, I’m quite sure I am owed

Feb 11, 2018 01:07 PM #6
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