1,100 in Pa. eligible for Countrywide settlement
A total of 1,151 Pennsylvania consumers have been notified of their eligibility for mortgage foreclosure relief as part of the state's $150 million settlement with Countrywide Financial Corp. reached in January.
A total of 1,151 Pennsylvania consumers have been notified of their eligibility for mortgage foreclosure relief as part of the state's $150 million settlement with Countrywide Financial Corp. reached in January.
Attorney General Tom Corbett's office investigated Countrywide for several months over alleged predatory lending practices involving subprime mortgages.
Under the settlement, Countrywide agreed to modify loans for as many as 10,200 eligible borrowers - those who received either a qualifying subprime adjustable-rate mortgage or an "option ARM" before Dec. 31, 2007.
Depending on the loan type, modifications may include an automatic freeze or reduction in interest rates, conversion to fixed-rate loans, or refinancing or reduction of the principal owed.
Pennsylvania residents qualified for the foreclosure relief portion of the Countrywide Settlement, with each of those consumers eligible for a minimum payment of $2,388, the attorney general's office said today.
Consumers can call Countrywide's hotline at 1-800-669-6607 for more information about their eligibility for various relief programs