Countrywide Settles Predatory Lending Lawsuit With 6900 Loan Mods
January 22nd, 2009
Countrywide has settled a lawsuit accusing it of predatory lending with the state of Tennessee. As part of the settlement countrywide has agreed to modify as many as 6,900 mortgages. The lawsuit accused Bank of America owned Countrywide of allegedly deceived borrowers by misrepresenting loan terms, loan payments increases and the borrower’s ability to afford loans.
Also as part of the settlement, countrywide has agreed to suspend foreclosures, if the home owner is eligible for a loan modification.
Countywide borrowers can also call Countrywide toll-free at (800) 669-6607 to find out now if they are potentially eligible.
