Countrywide Settlement is shared in OHIO

Ohio State’s settlement with Countrywide Financial Corporation will go to benefit those homeowners that Countrywide Financial Corporation was accused of unfair and deceptive business practices and to agencies across that state that handle foreclosure counseling services.

Fourteen HUD-Certified agencies, including Springfield Neighborhood Housing Partnerships will receive a portion of the four million thirty nine thousand dollar settlement. The agencies will share in a one million dollar portion of the settlement. Springfield Neighborhood Housing Partnership is one of the agencies that will receive a portion of the monies. Springfield’s Neighborhood Housing Partnership will receive sixty six thousand five hundred dollars to expand their counseling services in regard to foreclosure.

The Ohio Attorney General’s Office was successful in lawsuit against the mortgage lender Countrywide Financial Corporation and the office believes that this settlement brings resolution to those who were entered into the lenders unfair and deceptive origination and service practices.

The remaining three million thirty nine thousand dollars will be distributed among the Countrywide Financial Corporation’s borrowers in Ohio who lost their properties to foreclosure.

Attorney General Richard Cordray stated that the foreclosure agencies are on the battle grounds against the foreclosure fight. Record numbers of Ohioians have lost their homes and are at risk of losing their homes due to the predatory lending practices and the greed by corporations. The Attorney General’s Office believes that working with specialized foreclosure agencies that assist homeowners in modification and court mediation will help steady the foreclosure some.

The agencies that were selected to receive a portion of the settlement were selected by a competitive process. The process involved the agency having a proven eighteen month track record of working with mortgage servicers and lenders and providing foreclosure assistance to those homeowners in need of those services such as loan modification.

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