Monday, January 12, 2009

Virginia hits Countrywide

Virginia’s Office of Attorney General announced today that they have joined in the settlement with Countrywide Financial.  Of the total $8.4 billion dollar settlement, 8900 Commonwealth citizens could divide as much as $212,800,000.  Or that works out to $23,000 a victim if evenly distributed.

Attorney General Bob McDonnell, who has a good chance of being the next governor, will also be proposing legislation that will bring mortgage lender under the Virginia Consumer Protection Act.  Currently, only mortgage brokers fall under this law.

He’s asking the legislature to give the AG’s office more teeth in enforcing Virginia laws with national lenders.

The press release is here.

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