They then increased the rate percentage up to 18 thus looting the unfortunate borrowers.
Attorney General Darrell McGraw sued these companies in August. The settlement established a loan modification program. Interest rates could be reduced to 2.5 % for 5 years saving consumers about $8.9 million.
Also Countrywide needs to pay $340,901 to certain customers who lost their home for not being able to repay the loan.
Filed under Class Action, Financial Lawsuit, General Law, Settlements | Tags: Countrywide, looting the unfortunate borrowers, Lost, low interest rates, Settlement, sued, unfair business practices | Comment Below