Category Archives: predatory lending

BofA Settles Countrywide Suits with State Attorneys General for $8.68 billion. Deal Said to Provide Homeowners with More Relief than Federal Bailout

Posted on October 14, 2008 by Isaac Gradman

On October 6, California Attorney General Jerry Brown (pictured at left) announced that Bank of America, parent of Countrywide Financial Corp., had agreed to pay $8.68 billion to modify the home loans of over 400,000 homeowners in a negotiated settlement … Continue reading →

Posted in Attorneys General, bailout, banks, BofA, borrower fraud, Countrywide, Government bailout, homeowner relief, Jerry Brown, lawsuits, legislation, liquidity, predatory lending, stability | 4 Comments

Seventh Circuit Disallows Class Actions for TILA Violations

Posted on September 30, 2008 by Isaac Gradman

In August, I wrote about a major Seventh Circuit ruling on the way that could open the doors for borrowers to file class actions against mortgage lenders to rescind their loans. On September 24, the Seventh Circuit issued its ruling, … Continue reading →

Posted in Andrews v. Chevy Chase, appeals, banks, Chevy Chase, Complaints, lenders, litigation, predatory lending, rescission, Seventh Circuit, TILA | Leave a comment

Indiana Piles On

Posted on August 27, 2008 by Isaac Gradman

Indiana Attorney General Steve Carter has brought a lawsuit against Countrywide Financial Corp., making it the latest of a half dozen states going after the nation’s former number one mortgage lender for improper lending practices (see Reuters article here). This … Continue reading →

Posted in acquisitions, Attorneys General, banks, BofA, Complaints, Countrywide, lenders, liabilities, litigation, predatory lending, subprime | Leave a comment

Countrywide Sued by New Mexico Pension and Investment Funds

Posted on August 20, 2008 by Isaac Gradman

The Chicago Times reports that Countrywide has been sued on behalf of New Mexico’s state Investment Council, the Educational Retirement Board and the Public Employees Retirement Association for both conning homeowners into mortgages they could not afford and duping investors … Continue reading →

Posted in acquisitions, Countrywide, IndyMac, lenders, litigation, New Century, predatory lending, securities | Leave a comment

California Legislature Reaches Compromise on Subprime Reform Bill

Posted on August 20, 2008 by Isaac Gradman

The L.A. Times reports that the California has reached a compromise with consumer and lending groups on a bill that would guard against some of the practices that contributed to the subprime crisis. The bill, an amended version of AB … Continue reading →

Posted in Alt-A, broader credit crisis, Countrywide, education, incentives, legislation, lenders, predatory lending, ratings agencies, subprime | Leave a comment