Massachusetts Attorney General Settles Massive Predatory Lending Case With Countrywide Financial

Massachusetts Attorney General Martha Coakley yesterday settled predatory mortgage lending allegations against Countrywide Financial Corporation (now owned by Bank of America), claimed to require $3.1 billion worth of loan modifications nationwide. Building on a 2008 settlement by 44 state attorneys general, the settlement will provide, in addition to the loan modifications that will reduce loan principal on consumers' mortgage debt, cash for individuals in Massachusetts whose homes have already been foreclosed. Read the Massachusetts AG's press release and the settlement.