Industry NewsMortgage

States settle over Countrywide lending

Subprime settlement likely to be largest ever
Published on Oct 6, 2008

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by CareyBot

California's attorney general today announced a multibillion-dollar settlement over alleged unfair and deceptive lending practices by Countrywide Financial Corp. -- the company was acquired by Bank of America earlier this year.

The settlement is expected to allow hundreds of thousands of eligible borrowers to obtain more affordable loans and avoid foreclosure.

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