Countrywide to Pay $7.5 Million to Homeowners

Thousands of Countrywide home loan customers in Texas who lost their homes to foreclosure are now eligible to receive part of a big a settlement.

Countrywide Financial, who is owned by Bank of America, agreed to pay $7.5 million to 3,200 Texans who lost their homes.

Texas attorney general Greg Abbott said the holders of sub-prime mortgages were not made aware of the risks involved.

In addition, about 30,000 homeowners will be eligible for loan modifications.

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