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Countrywide settlement announced


Virginia homeowners will get a $212.8 million piece of the $8.4 billion in home loan and foreclosure relief that Countrywide Financial Corp. is providing to stave off consumer protection complaints.

In a press release today, Attorney General Bob McDonnell announced the settlement in which he agrees to forgo any claims he could have filed alleging deceptive practices arising out of the mortgage origination or servicing activities of Countryside of Virginia.

More than 8,900 Virginia borrowers would be eligible for loan modifications on a qualifying subprime adjustable rate mortgage or on a Pay Option adjustable rate mortgage adjustable rate mortgage issued prior to Dec. 31, 2007.

The press release has more details about just who is eligible and on a couple of legislative proposals McDonnell has for the 2009 General Assembly.

By Alan Cooper

2 comments

  1. Me and my wife had to refinance our home in 2006 by a broker (Countrywide) due to home repairs. Not knowing that after that my wife broke her knee working for Virginia Department of coorections (guard) and was down for a year. She was recieving disability and had to take a pay cut. Then no able to resume being a guard she had to resort to becoming a Certified Nurse Assist. to remain a the coorections center (pay cut).
    Well thats one thing I am a 50% disabled Veterain and had to have a double by pass on my heart in Jan 2006 so I was down for a while, I am only 47 years old. We have ask twice for a modification on our morgage loan, and Countrywide said No. We don’t qualy because we have never been late on our morgage payments. What does it take, go into foreclosure or bank rupcy. We are living on the bare minimum trying to save our home. My question is what are they doing for our homes with this bail out money. Are the paying the balances of the foreclosurels they lost money on, to save there self. What about the est of us?

  2. Help all of us, so we don’t loose our homes too

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