Miss. included in Countrywide Financial deal

Published 11:17 pm Thursday, December 4, 2008

Attorney General Jim Hood says Mississippi is included in a national settlement with Countrywide Financial Corp. that allows eligible borrowers to participate in the company’s loan modification program.

The program went into effect this week and was designed to help borrowers who financed their homes with subprime loans or adjustable rate mortgages serviced by Countrywide. The loans had to be originated prior to December 31, 2007.

Countrywide was bought by Bank of America on July 1, 2008.

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Some terms of Mississippi’s settlement with the company include $1 million in foreclosure relief benefits for borrowers and about $500,000 in penalty and fee waivers through the end of 2010.

Countrywide will contact borrowers who are eligible for assistance.