Mass. Reaches $3B Settlement With Countrywide

Wednesday, 24 Mar 2010 06:22 PM

 

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The Massachusetts attorney general's office has announced a $3 billion settlement with mortgage lender Countrywide Financial Corp.

The settlement filed Wednesday in Suffolk Superior Court expands on an agreement that Countrywide reached with the attorneys general in 43 states and the District of Columbia.

Attorney General Martha Coakley alleged that Countrywide engaged in unfair lending practices by marketing some products without accounting for borrowers' ability to pay.

The settlement allows for principal forgiveness for some delinquent borrowers that Coakley says will help thousands of families stay in their homes and put them on the road to financial recovery.

Countrywide is now owned by Bank of America. The bank says in a statement that the settlement protects borrowers and the lender.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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