
March 25, 2010 - Boston - Massachusetts Attorney General Martha Coakley announced today a settlement with Countrywide Financial that may provide some benefits to homeowners in Massachusetts. According to reports in The Boston Globe, Countrywide Financial must provide $18 million in loan modification agreements in Massachusetts, in addition to a direct payment of $4.1 million to the state government.
The settlement resulted from a nationwide complaint against Countrywide Financial, who targeted potential homeowners with subprime mortgages and deceptive lending practices during 2006 and 2007. In total, Countrywide Financial must pay more than $3 billion to states and homeowners nationwide. The settlement was filed in Suffolk Superior Court. The settlement does not specify what borrowers will be eligible for these loan modifications in Massachusetts.
The Attorney General believes this settlement will allow homeowners to file important loan modifications that will help them stay in their homes and avoid foreclosure. If you were a victim of deceptive loan practices or if your bank is refusing to follow Federal guidelines governing loan modifications, you should contact a Massachusetts class action attorney who can help in your fight against these deceptive banking practices.
Legal Help for Wrongful Foreclosure and Seizure in Any State. Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home. We are licensed in Massachusetts and associate with a qualified attorney in your state.
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