The Vermont Attorney General’s office says a $100,000 settlement over the home loan practices of Countrywide Financial Corp. will be used to help people whose loans have been foreclosed on.
The Vermont Attorney General’s office says half of the settlement will go to borrowers whose Countrywide loans were foreclosed upon. The rest will be used in general foreclosure relief efforts.
The Vermont settlement is part of a $3 billion nationwide agreement that Countrywide reached with the attorneys general in 43 states and the District of Columbia.
The Vermont settlement is similar to those entered into by other states, including states that alleged that Countrywide engaged in predatory lending practices.
Countrywide is now a part of Bank of America.