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Countrywide Settlement to Reach 57,000

October 6th, 2008 by Mike Vasilinda

Foreclosure after foreclosure is due in part to people being given loans they should not have been given, or loans in which the terms were misleading. In many cases, loans originated by Countrywide escalated sharply. In July, The attorney general called it deceptive. Bank of America, which took over the mortgage lender, stepped in to settle. Sandi Copes spokesperson for the Attorney General says the news is good for 57 thousand Countrywide customers in Florida.

Bank of America has really worked very hard to reach the best possible outcome for Florida consumers and all of the consumers who were effected by Countrywides practices, says Copes.

Florida is second in the number of problem Countrywide mortgages. The settlement nationwide could reach 8 billion. Customers should be hearing from the company around December first.

The deal, which wasnt worked out until midnight Sunday night, stops every Countrywide foreclosure now in progress in its tracks.

Mike Fields of Bank of America says under the settlement, 52 thousand customers still in their homes will find it easier to keep them. Some will have interest rate reductions, some will in fact have principle reductions, but the goal is to keep homeowners in their homes. Its the right thing to do.

Borrowers who have already lost their homes may be eligible to receive cash payments.

Countrywide customers can call the company to see what if any relief may be due them. The number to call is 1-800-669-6607

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