Countrywide might have promised a fixed rate loan then at closing switched the loan product to an option ARM loan without prior notice to the borrowers.
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).
Defendant Details
Name (Stock Symbol)
Brief Description
Countrywide Financial Corporation
Countrywide Financial Corporation originates, services and resells home loans. It is owned by Bank of America.