Attorney General Terry Goddard announced a multi-state settlement with Countrywide Financial Corp. Monday, relating to the company’s alleged use of deceptive practices in their mortgage lending business.
According to the settlement, Bank of America, which acquired Countrywide Financial on July 1, 2008, agreed to develop a loan modification program for up to 397,000 borrowers nationwide. The [...]

More than 120,000 struggling California homeowners could see their monthly mortgage payments lowered after Bank of America Corp. agreed to provide $3.5 billion in loan and foreclosure relief to settle lawsuits it inherited with its takeover of Countrywide Financial Corp.
The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, [...]

West Virginia sued Countrywide Financial Corp accusing the mortgage lender, now owned by Bank of America, of making risky and costly loans to consumers who could not afford them.
Darrell McGraw, the state’s attorney general, filed the lawsuit against Countrywide and its co-founder and former chief executive, Angelo Mozilo, on Tuesday with the Putnam County Circuit [...]

Connecticut Attorney General Richard Blumenthal has sued Bank of America Corp.’s Countrywide Financial Corp. for allegedly deceptive lending practices.
Echoing the many other legal complaints against the mortgage lender, the Connecticut lawsuit alleges Countrywide engaged in several types of inappropriate lending behavior and made loans to consumers that were unaffordable or unsuitable for the borrower. The [...]

Bank of America Corp. has completed its purchase of Countrywide Financial Corp., making the Charlotte-based bank the nation’s leading mortgage originator and servicer.
The Federal Reserve and Countrywide’s shareholders cleared the way for the acquisition last month. As of Tuesday’s close, Bank of America controls between 20 percent and 25 percent of the country’s home loan [...]