Former U.S. Mortgage lender settles $150 million Pennsylvania lawsuit

Countrywide Financial Corp agrees to $150 million cash relief for Penn. Homeowners. top news for San Francisco lawyers.

San Francisco, CA (–Countrywide Financial Corp., once the nation’s largest mortgage lender and now part of Bank of America Corp., agreed to a $150 million dollar settlement. According to Reuters, state officials in Pennsylvania brought the lawsuit against Countrywide Financial Corp., because the mortgage giant allegedly sold risky loans to consumers, who could not afford them and did not understand the loan agreements they were signing.

The Pennsylvania Attorney General Tom Corbett claims the settlement agreement may bring relief to as many as 10,200 loan holders who unknowingly participated in some of the riskiest and highest defaulting loans written by Countrywide.

The lawsuit was filed after Pennsylvania officials investigated Countrywide and loans originated by Countrywide Financial Corp., Countrywide Home Loans Inc., and Full Spectrum Lending Inc. The state found unfair business practices involving innocent consumers. The $150 million settlement may provide mortgage relief and cash assistance for Pennsylvania homeowners by providing them with loan modifications, relocation assistance and foreclosure relief. The Pennsylvania Attorney General also said the settlement may also provide waivers of default or delinquency fees for struggling borrowers. top news for San Francisco lawyers.

About the Author Justice Seeker

Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.