AG Coakley Secures $3 Billion in Loan Modifications for Homeowners Nationwide in Agreement with Mortgage Lending Giant Coutrywide

$18 million in relief for Massachusetts homeowners; $4.1 million payment to Commonwealth. BOSTON, MA – March 24, 2010 – (RealEstateRama) — As part of her office’s ongoing initiative to combat predatory lending practices that contributed to our nation’s economic crisis, Attorney General Martha Coakley today reached a significant settlement with Countrywide Financial Corporation (Countrywide) that will provide an estimated $18 million in loan modifications for Massachusetts homeowners, $3 billion in loan modifications for homeowners across the country, and a $4.1 million payment to the Commonwealth. Countrywide is now owned by Bank of America.The settlement, filed today in Suffolk Superior Court, expands an earlier agreement that Countrywide reached with 43 other state Attorneys General and the District of Columbia in 2008 for loan modification for certain delinquent borrowers and builds on standards set forth in the Home Affordable Modification Program (HAMP) administered by the United States Treasury