Mortgage Info for Homes and Small Business Financing

Bank of America Settlement Could Provide $22k to Each Mortgage Holder

•  Bank of America has decided to settle claims by state’s attorney generals regarding certain risky loans by Countrywide.  The settlement covers nearly 400,000 borrowers.  “With this settlement, we have the first of its kind mandatory loan modification program,” said Illinois Attorney General Lisa Madigan, who filed a civil lawsuit alleging Countrywide had engaged in unfair and deceptive practices.

•  MetFund has never used Countrywide as a lending source nor produced any loan which was a “high cost loan”.

•  Interest rates continue to fall as the equity markets come under increasing pressure.  The flight to quality continues for now.

 

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