TEXAS BORROWERS RECEIVE RESTITUTION
(Dallas Morning News) â€“ As part of the largest predatory-lending
lawsuit in history, Countrywide will use $8.4 billion to modify
mortgage terms for 400,000 borrowers in Texas and ten other states who
received unaffordable loans from the lender.
has reserved $7.5 million for Texas to distribute restitution payments
worth $2,300 to help borrowers who already lost their homes or are near
foreclosure â€” 120 days or more delinquent on payments.
About 3,260 Texans are eligible for restitution, according to a spokesman with the Texas Attorney General's office.
the settlement, borrowers could get the $2,300 payment if their first
loan payment was due between Jan. 1, 2004, and Dec. 31, 2007, and they
made six or fewer payments before losing their home.
borrowers who can't afford to refinance their mortgage and have to
leave their home through a foreclosure sale, the settlement provides
relocation assistance of $2,000 per borrower.
first impression is that we are a bunch of big irresponsible babies. We
can't drive with coffee in our laps. We can't take responsibility for
our MEGA consumption and ruin of the earth. Now we also can't be
expected to actually read what we're signing. Who are these people that
bought houses that they could only afford for 6 months?
honestly don't know the extent of this lawsuit. I haven't read what the
complaint was. I haven't done any research. All I know is that a few
people that overextended without considering the consequences have now
made getting a loan so hard that it's considered a heroic event!
I'm blaming it on all the Jocks in high school that would do anything to bed a cheerleader :-)