Investigation and currently handling claims against Countrywide Home Loans where individuals allege they were promised a lower or fixed interest rate but at the loan closing the rate was increased or a variable rate. In addition to increasing the monthly payments at the time of the loan closing, other fees, charges and closing costs were higher than what was initially quoted to the borrowers. It has been alleged that Countrywide reaped hundreds of millions of dollars in ill gotten gains as a result of hiring third parties to perform flood certifications, tax services and appraisals at set prices, then marking up the costs of those services on the HUD-1 and other closing documents.
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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