Settlement to fund foreclosure relief
A settlement with mortgage firm Countrywide Financial Corp. has netted Maine more than $200,000 in foreclosure relief funds.
The state in July 2009 settled its claims against Countrywide, which the Attorney General's Office alleged engaged in predatory lending and unfair and deceptive trade practices in connection with its loan servicing business, according to the Maine Public Broadcasting Network. Maine received a total of $430,000 to distribute to eligible homeowners with mortgages from Countrywide, now owned by Bank of America, who filed claims before the deadline. Now, the remainder of the funds -- $200,507 -- will be distributed to the state's 10 community action programs to be used to fund foreclosure relief programs.
The money will be distributed to the CAPs based on the populations they serve, according to the news site.
Go to the article from MPBN >>
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