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