For Immediate Release
Media Contact: Bob Cooper
Date: October 9, 2008
Idaho Negotiating Settlement With Countrywide
(Boise) - On behalf of Idaho’s homeowners, Attorney General Lawrence Wasden is negotiating with Countrywide Financial Corporation to participate in an $8.4 billion agreement to provide relief to borrowers with various subprime mortgages.
“Hopefully, we will be able to join this settlement and it will assist Idahoans who, in difficult economic times, face possible foreclosure or who already have suffered a foreclosure on their homes,” Attorney General Wasden said.
Recently acquired by Bank of America Corporation, Countrywide will identify borrowers who hold subprime or high-risk loans serviced by Countrywide that originated before December 31, 2007. The company will offer qualified borrowers a more reasonable range of alternatives to help them make payments on their loans and avoid foreclosure. The goal is for Countrywide to have its program and its personnel in place to begin assisting customers by December 1, 2008.
As additional information becomes available about the settlement, Attorney General Wasden will issue further news releases. Countrywide’s customers can read more about the settlement on the company’s website at my.countrywide.com.
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