Countrywide Agrees To 10-State Multimillion Homeowner Foreclosure Relief Deal

Tallahassee, FL (AHN) - Florida is among the states that have reached a multimillion dollar agreement with Countrywide that will give foreclosure relief and loan modifications for thousands of homeowners with qualifying mortgages.

Under the agreement, more than 57,000 Florida homeowners will participate in the program, Attorney General Bill McCollum announced Monday.

The agreement includes a $150 million foreclosure relief payment program and loan modifications for thousands of homeowners with qualifying Countrywide mortgages in Arizona, California, Connecticut, Florida, Illinois, Iowa, Michigan, Ohio, Texas, and Washington.

"This agreement will bring much-needed relief to countless homeowners, including thousands in Florida," McCollum said in a statement. "I appreciate Bank of America's commitment to rectify the situations created by Countrywide's loan practices."

He added that the agreement, which is still being finalized by the participating states, "could provide nearly $1 billion in total relief to Florida homeowners alone and up to $8 billion nationwide, including the realized relief from modified loans."