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$624 Million Proposed Settlement Announced In Countrywide Securities Class Action

LOS ANGELES — (Mealey’s) The lead plaintiffs in a consolidated class action complaint against former subprime mortgage lending giant Countrywide Financial Corp. (CFC) and others for alleged violations of federal securities laws announced a $624 million proposed settlement May 7 ( In re Countrywide...

Countrywide Agrees To Pay $335 Million To Settle Government's Discriminatory Lending Claims

LOS ANGELES - Countrywide Financial Corp. has agreed to pay $335 million to settle claims by the U.S. government that the lender and its subsidiaries engaged in discriminatory lending practices by steering African-American and Hispanic borrowers toward subprime mortgage loans with higher interest rates...

U.S. Government Hits Bank Of America With $1 Billion Lawsuit Over Lending Program

NEW YORK - (Mealey's) The U.S. government on Oct. 24 filed a $1 billion lawsuit against Bank of America Corp., as successor for Countrywide Financial Corp., alleging that Countrywide violated provisions of the False Claims Act by engaging in a scheme to defraud Fannie Mae and Freddie Mac in connection...

Countrywide Financial Corp. Reaches $500 Million Settlement In 3 Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...