The pact stems from cases filed earlier this year by California and other states, alleging Countrywide, based in Calabasas (Los Angeles County), used misleading advertising and unfair business practices to dupe customers into taking out home loans they couldn’t afford. Bank of America acquired Countrywide, along with its outstanding legal challenges, in July. To settle… Continue reading »
Oct
02
Government launches mortgage-swap program to prevent foreclosures
The government kicked off a program today that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans. Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program launched… Continue reading »
Oct
02
Region’s foreclosures down 20 percent
Residential foreclosures in the Pittsburgh region have dropped two consecutive months compared with a year ago, according to a report issued Wednesday. Foreclosures filings fell to 396 homes in August, a drop of 20.3 percent, compared with 497 in August 2007, said RealStats, a South Side-based real estate information company. For complete story, click here.