Countrywide Financial has agreed to pay $11.5 million to 4,800 North Carolinians, and to fund state foreclosure prevention programs to the tune of $2 million, in a settlement with state regulators.
The agreement, announced by the Office of the North Carolina Commissioner of Banks on Thursday, comes on the heels of a state probe finding that Countrywide overcharged 3,800 borrowers on first mortgage loans and 1,000 more on second loans.
Homeowners affected by the settlement will receive checks within the next 60 days.
The $2 million Countrywide has committed to foreclosure prevention will go to non-profit housing agencies that provide counseling services through the state’s Home Foreclosure Prevention Project.
North Carolina’s investigation of Countrywide’s lending practices began in 2007. Countrywide already has agreed to rework the terms of 400,000 distressed mortgages nationwide as part of a multistate settlement announced in October.
North Carolina’s $11.5 million agreement is a supplement to that overall multistate agreement, according to the commissioner of banks.
Charlotte-based Bank of America (NYSE: BAC) agreed to buy Countrywide in January.
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