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KANSAS, 11 OTHER STATES REACH AGREEMENT WITH COUNTRYWIDE TO HELP NEARLY 400,000 HOMEOWNERS FACING FORECLOSURE

Article from: US Fed News Service, Including US State News Article date: November 13, 2008

The Kansas attorney general issued the following news release:

Mortgage lender Countrywide Financial Corporation has agreed to provide approximately $8 billion in home loan and foreclosure relief to as many as 397,000 homeowners across the country including more than 1,000 in Kansas, Attorney General Steve Six said Thursday.

Eleven states including Kansas reached the agreement with Bank of America, which acquired Countrywide in July of 2008. The agreement is expected to provide $16 million in reduced mortgage payments to more than 1,000 Kansas borrowers.

"Thousands of Kansans who are ...

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BofA Settles Loan Lawsuits With $8.4B Aid to Borrowers

Posted Oct 6, 08 9:12 AM CDT in Crime & Courts,  Business 

BofA Settles Loan Lawsuits With $8.4B Aid to Borrowers
Source: AP Photo/Chuck Burton

(Newser) – Some 400,000 borrowers with subprime and adjustable-rate mortgages from Countrywide Financial are in line to receive a share of an $8.4-billion settlement in a suit over deceptive loan practices, reports the Wall Street Journal. The deal between Bank of America, which acquired Countrywide July 1, and several state attorneys general may lower both rates and principal for some homeowners.

Bank of America says the program, which will freeze foreclosures already in process and renegotiate terms, will get under way by Dec. 1. The program also has cash assistance for already-foreclosed homeowners and those whose foreclosures can't be averted. AGs in California, Florida, and Illinois, as well as seven other states, are expected to sign the agreement, likely to become the largest predatory-lending settlement in history.

More about:  subprime mortgages • foreclosure • Bank of America • Countrywide Financial • attorneys general

MORE RELATED NEWSER STORIES

 Fannie Mae: Tenants Can Stay 

Fannie Mae won't evict tenants after  foreclosures

New York Times New York Times Dec 15, 08 4:22 AM CST
(Newser) - Fannie Mae is offering to sign new leases with renters living in properties that have been foreclosed and are now owned by the the government-controlled mortgage company. The move brings relief to thousands of people caught in the mortgage crisis, but it turns the insitution into a huge national landlord and will drag the federal government deeper into the mortgage mire and an ocean of debt, reports the New York Times. More »

More about:  subprime mortgages • foreclosure • Fannie Mae • Freddie Mac • Bank of America • JPMorgan Chase • mortgage defaults • Federal Housing Finance Agency

Arnie Teams With 4 Lenders to Hold Off Foreclosures

Governator brokers deal to keep subprime mortgage at inital rates

San Francisco Chronicle San Francisco Chronicle Nov 21, 07 6:47 PM CST
(Newser) - Four big lenders in California have agreed to extend low-interest mortgage rates to homeowners on the brink of foreclosure, the San Francisco Chronicle reports. The lenders worked with Gov. Schwarzenegger on the deal, which will apply to subprime borrowers who have made payments on time so far but will be unable to do so when the rates jump. More »

More about:  California • subprime mortgages • foreclosure • Arnold Schwarzenegger • interest rate • Countrywide Financial

ANALYSIS

Targeted in Bubble, Latinos Now Face Foreclosure Flood

Push to get subprime, other risky mortgages to Hispanic community backfires

Wall Street Journal Wall Street Journal Jan 5, 09 9:35 AM CST
(Newser) - The US housing crisis has hit particularly hard in the Latino community, the Wall Street Journal reports, which was targeted by both lawmakers and lenders—often with subprime and other risky mortgages—during the bubble. Hispanic homeownership swelled 47% between 2000-2007, and the foreclosure crisis has hit hard for many who saw buying a home as the pinnacle of the American dream. More »

More about:  Financial Crisis • subprime crisis • subprime mortgages • housing market • foreclosure • Hispanics

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