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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 Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Unfair and Deceptive Services
- Excessive or Unauthorized Interest Rates
- Preditory Lending
- Bait And Switch
- Improper Solicitation
Products or Services
- Refinancing
- Adjustable Rate Mortgage
Injury Types
- Monetary Loss
- Foreclosure
Investigation Details
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).
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. |