The Real Deal Miami

Countrywide settlements to start flowing

August 07, 2009 11:06AM

Battered mortgage lender Countrywide Financial will start making cash payments of at least $3,000 to Florida homeowners who’ve been foreclosed on or fallen behind in mortgage payments. The payment will come through Bank of America, which now owns Countrywide, a company seen as the poster child for the subprime mortgage crisis. Florida and 10 other states sued the company and settled out of court for a total of $8.4 billion. About 5,700 Florida borrowers will get a total of $17 million in a payment relief program. The state attorney general’s office will get $4 million.