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Real Estate & Property Law

: Closing Real Estate in Chicago

IL Attorney General Settles with Countrywide

By Peter Olson, Esq.

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Sub-prime superstar Countrywide Financial settled lawsuits with several states including Illinois regarding alleged mortgage fraud. I have a couple loans with good old Countrywide, not sub-prime but maybe there's some $$ in this settlement for poor, old me. An overview of the settlement:

The bulk of the settlement?$8.4 billion?represents the reduction in principal and interest payments for Countrywide customers who hold adjustable-rate and fixed-rate subprime mortgages. In addition, Countrywide expects to waive $56 million in prepayment penalties and $79 million in late fees. The firm will pay $150 million to people already forced out of their homes and another $60 million in relocation costs for people in the process of being forced from their homes.

Full post as published by Closing Real Estate in Chicago on October 06, 2008 (boomark / email).

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