For press inquiries or to schedule an interview with the Attorney General please contact:
503-378-6002 or Michael.C.Kron@doj.state.or.us
About Ellen F. Rosenblum
The settlement provides a uniform and standardized approach to modifying loans to sustainable payment levels, establishing clear guidelines for servicing staff to follow in offering loan modifications. This anticipates:
These goals are achieved with a number of loan modification options, including:
Additional features include possible:
The Oregon settlement includes the above features, also:
Countrywide Financial Corporation is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses, and was the largest mortgage lender in the U.S. The company was purchased by Bank of America in 2008 following widely-publicized problems relating to the mortgage crisis.
Oregon was not a lead state. California and Illinois initially reached independent settlements with Countrywide, alleging unfair practices in obtaining risky and/or inappropriate loans for consumers. California, Illinois and Iowa led a team from several states in reaching a multi-state agreement with Countrywide. That team negotiated the settlement, which was shared with the attorneys general of the remaining states, including Oregon, to individually deal with Countrywide.
The Oregon Department of Justice worked with other states and the state Department of Consumer and Business Services during the settlement talks.
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