The Real Deal Miami

Countrywide agrees to pay $600 million

August 03, 2010 10:30AM

U.S. District Judge Mariana Pfaelzer gave preliminary approval to an
agreement in which Countrywide Financial would pay $600 million to
settle shareholder lawsuits, the largest payout to date from the
mortgage crisis. The settlement would end several class-action suits
that claimed Countrywide concealed increasing risks while loosening its
lending standards. Countrywide was acquired by Bank of America in 2008,
and was once the largest mortgage lender in the United States. It is
currently being investigated by the SEC. [Palm
Beach Post]