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Business Briefing / Banking

State settles with Countrywide

January 29, 2009|Times Wire Reports

Pennsylvania has joined a settlement with Countrywide Financial Corp. that makes available as much as $155 million to help keep thousands of residents in their homes.

Thirty other states have signed agreements with Bank of America Corp., which acquired Countrywide last year and said in October that it would pay more than $8 billion for interest rate and principal reductions for nearly 400,000 customers nationwide.


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Once the nation's largest mortgage lender, Countrywide, which is based in Calabasas, was among the companies whose risky loans led to the nation's financial meltdown.

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