March 24, 2010
$18M In Loan Modifications Available To Bay State Residents
By Brandon Butler
Attorney General Martha Coakley's Office has negotiated a settlement with Bank of America's Countrywide Financial Corp. that will provide $18 million in loan modifications to Massachusetts residents.
The deal is an expansion of a 2008 settlement that involved 43 states based on alleged predatory lending techniques that Countrywide took part in before the 2008 financial crisis.
As part of the new settlement, Countrywide will make $3 billion in loan modifications available nationwide, including $18 million in Massachusetts. The state will also received $4.1 million as part of the settlement.
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