Banking
Oct. 7, 2008
Housing Advocates Criticize Countrywide Subprime Settlement
Housing advocates say the multibillion-dollar deal announced Monday by Attorney General Jerry Brown to settle predatory lending charges against Countrywide Financial Corp. offers few new remedies to foreclosure victims and is only worth a fraction of the amount Brown claims.
By Peter B. Matuszak
Daily Journal Staff Writer
LOS ANGELES - Housing advocates say the multibillion-dollar deal announced Monday by Attorney General Jerry Brown to settle predatory lending charges against Countrywide Financial Corporation offers few new remedies to foreclosure victims and is only worth a fraction of the amount Brown claims.
The agreement with Bank of America, which acquired Countrywide in July, will settle the bank's portion of the laws...
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