Countrywide $1 Billion Settlement…Relief for Some..
Categories: In The News, Real Estate News
hiThe DiCarloGroup
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Countrywide will provide up to $1 billion in mortgage relief due to “alleged abusive lending practices,” says the Miami Herald. Countrywide was once the largest mortgage company in the country and was acquired by Bank of America in July. The settlement will require Countrywide to revise loans for qualified customers. A change in mortgage payments could be seen by as many as 57,000 Floridians. Another part of the agreement includes Countrywide refinancing sub-prime borrowers and consumers with pay-option ARMs into fixed-rate loans they can afford. The company will also make cash payments to homeowners who have gone through foreclosure if it is determined that they could not have made the payment in the first place. 
The DiCarlo Group
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