Countrywide Financial Corp. is to make $161,805 available to South Dakota consumers to help resolve complaints about its marketing of subprime and high-risk mortgages in the state.
Countrywide, based in Calabasas, Calif., and now owned by Bank of America Corp., is to offer "fast-track" loan modification to borrowers who defaulted on subprime or adjustable-rate mortgages, Attorney General Larry Long said Tuesday.
"The settlement agreement requires Countrywide to complete the modification for a borrower within 60 days of that borrower providing income information," Long said. "During this time, any foreclosure proceedings are suspended."
