Investigation of claims by borrowers that Countrywide and brokers acting on its behalf used agressive marketing and bait-and-switch tactics in closing purchase loans and refinancings.
Borrowers were given initial disclosures and told that they would get one type of loan (usually a fixed-rate loan), but when they showed up at the closing, they were presented with a different loan (usually a 2-3 yr fixed/float loan or an Option ARM loan).
Name (Stock Symbol)
Countrywide Financial Corporation
Countrywide Financial Corporation originates, services and resells home loans. It is owned by Bank of America.
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