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SMALL BUSINESS
South Dakota, Countrywide reach settlement
AP
PIERRE, S.D. -Attorney General Larry Long says South Dakota has reached a settlement with Countrywide Financial Corp. over the marketing of subprime and other high-risk mortgage products in the state.
Long says Countrywide will make $161,805 available to 93 eligible South Dakota borrowers for foreclosure relief. Loan modification programs such as interest rate reductions also will be made available to a yet-to-be determined number of borrowers.
Several states have reached similar settlements. Countrywide says it's making $150 million available nationally for foreclosure relief payments. It estimates that loan modification programs will result in up to $8.4 billion in relief for borrowers around the country.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-06-23 12:47:14
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