Bullock: $3,000 Checks on the way to Montana Countrywide Foreclosure Victims Eligible Under Settlement
HELENA, MT – February 12, 2010 – (RealEstateRama) — Attorney General Steve Bullock on Friday announced that, under the terms of a settlement between his office and Countrywide, 79 Montana consumers who lost their homes to the foreclosure of Country wide home loans will receive checks for $3,129 within the next few days.
“I’m sure this has been an incredibly bitter experience for families who dreamed of owning their own homes,” Bullock said. “While $3,000 isn’t enough to make up for that, I hope it will alleviate the some of the financial pressure these families are under and give them a little breathing room.”
In 2009, Bullock’s office joined with other state attorneys general to hold Countrywide accountable for its deceptive lending practices. Last July, the negotiations with Countrywide resulted in the Foreclosure Relief Program settlement, which made $247,247 available to Montana borrowers who lost their homes because of Countrywide’s mortgage origination and servicing practices.
“It’s a story that has been replayed in communities throughout the nation,” Bullock said. “Rather than being people home buyers could trust, loan officers for Countrywide fast-talked borrowers into dubious loans they didn’t fully understand and had little or no hope of ever paying back.”
Under the terms of the settlement, only borrowers who had specific types of Countrywide loans, such as interest-only and pay-option mortgages, were eligible. In addition, participation in the settlement was optional so consumers could either opt in or, rather than making a claim under the settlement, instead choose to join a class action suit or hire their own attorney.
The checks were mailed today and must be cashed on or before May 13, 2010.
A previous news release and the Countrywide settlement are online:
Consumers with questions about the settlement should contact Rust Consulting, Inc., toll-free at 1-866-411-6987 (hearing impaired call 1-866-494-8397) or visit www.countrywidesettlementinfo.com.
No related posts.
Recent Posts
-
- Governor Signs Bill Protecting Private Property Rights
- Real estate team upgrades to IDX Broker, synchronizing their website with thousands of Montana property listings
- Tester, Johanns introduce bill to cut red tape for rural housing agencies
- Beautiful eastern homes displayed on IDX synced real estate website
- Montana Main Street Program Awards Project Grants and Welcomes Helena as New Affiliate Community
Popular Posts
-
- PSMI Opens New Office in Missoula, Montana
- Rehberg Fights For Critical Extension of the Homebuyer Tax Credit
- State Housing Board to Meet in Helena on January 7th
- Baucus Provisions Extend Tax Help to More Montanans
- Rehberg Announces HUD Housing Assistance in Montana
- Secretary Donovan Announces $214,769 in Housing Counseling Grants to Two Housing Counseling Organizations in Montana
- Obama Administration Awards $2,184,918 in Homeless Grants Throughout Montana
- HUD Awards Grants to Housing Authorities in Missoula, Montana to Help Public Housing Residents Obtain Jobs, Economic Independence
- Bullock: $3,000 Checks on the way to Montana Countrywide Foreclosure Victims Eligible Under Settlement
- Rehberg Secures $200,000 for Caird Iron Works Redevelopment
