I'm currently in Chapter 13 and trying to get loan re modification. I got my loan in March 2007 for 7.88 percent but now I see that Country Wide was using unfair practice charging minorities higher interest rates. How can I get on this class action case? will it hurt my loan remod?
Comeuppance for Countrywide and minority-targeted lending scams
Tod Robberson / Editorial Writer
12:53 PM on Thu., Dec. 22, 2011 | Permalink
foreclosure.jpg There's a special place in the afterlife for now-defunct Countrywide Financial, whose assets and liabilities now belong to Bank of America. Bank of America agreed yesterday to pay $335 million to settle federal charges that Countrywide's loan officers targeted minorities for high-interest loans and charged them higher fees than the bank's white clients in identical risk categories. I don't have an exact figure of how many Dallas County residents were targeted by Countrywide in this scam, but I don't think it's a coincidence that, of the first five foreclosure-sale notices
I called up on the Dallas County website, all were Bank of America properties whose corporate address was listed asXXXXX SIMI VALLEY, CA 93065 (Countrywide Home Loans' former address).
Typical of the clients are Usbaldo and Juana Barrios, or Manuel and Barbara Mae Lozada, who had very nice homes in southern Dallas and who obviously were not prepared financially for the mortgage they took out. I'm not excusing them for the bad decision they took. But if you look at the way Countrywide officers systematically targeted people like the Barrioses and Lozadas -- urging people like them to take out a high-interest loans and charging them racially discriminatory high fees to process their loans, you can see how our national mortgage-loan fiasco came to pass.
Equally frightening in the Dallas County records are the numbers of foreclosed properties being offered for sale -- tens of thousands of them. Countrywide/Bank of America are hardly the only banks now in possession of these properties. And they're hardly the sole people to blame for the mess their practices created.
Nonetheless, it's satisfying to see them pay for actions that were nothing short of egregious, particularly when placed in the context of targeting racial minorities. Makes me long for the days of punishment by horsewhip