LANSING, Mich. (WZZM)- Michigan Attorney General Mike Cox announced a major settlement Monday between the State of Michigan and Countrywide Financial, the nation's largest mortgage lender.
State officials say the settlement will provide relief for 10,000 current and former Michigan homeowners struggling with foreclosure.
Attorney General Mike Cox said, "Through our negotiations we have provided a helping hand to thousands of Michigan families who are struggling with the foreclosure crisis," Cox emphasized, "Unlike the Wall Street mess, this was no bailout. Countrywide is paying, not taxpayers."
Countrywide faced allegations of 'questionable lending practices.' It was accused of using misleading marketing techniques and incentives to sell loans with risky features which may have contributed to the national increase in foreclosures.
Under the agreement, Countrywide must offer to refinance thousands of Michigan mortgages, provide millions in financial assistance and stop questionable lending practices.
Homeowners with a loan with Countrywide Financial can call the Countrywide hotline at 1-800-669-6607.
If you feel you are a victim of questionable lending practices can file a complaint with the state by calling 1-877-999-6442 or 1-877-765-8388.
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