Negotiations with Countrywide

HARRISBURG - Attorney General Tom Corbett today announced that the Attorney General's Office is in the final stages of negotiations with Countrywide Financial to obtain monetary relief and cash assistance for thousands of Pennsylvania residents with loans through Countrywide.

Corbett said his office has been investigating Countrywide for several months and the investigation has centered on the subprime mortgages that were sold through Countrywide.

More than 10,000 Pennsylvania home owners obtained loans from Countrywide and may be eligible for loan modification, cash assistance and mortgage foreclosure relief as part of the negotiated settlement.

The settlement negotiations are taking place with Bank of America, which acquired Countrywide in July of this year. Corbett said he expects the terms of the settlement agreement to be finalized in the next several weeks

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