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Business Briefing / Lenders

Countrywide settles claims

February 10, 2009|Times Wire Reports

Colorado officials say mortgage lender Countrywide Financial has agreed to provide nearly $6 million to borrowers and to the state government to settle claims that the company put home buyers in high-cost, high-risk loans.

Atty. Gen. John Suthers said the program would allow an estimated 6,800 borrowers to renegotiate loans with interest rates as low as 3.5% for five years.

Borrowers who have already lost their homes also could get compensation.

Suthers says Countrywide will give the state $500,000 to expand its Foreclosure Hot Line.

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