BofA's Countrywide To Pay $100M To Settle Home Loan Suit

Law360, Los Angeles (June 14, 2013, 4:45 PM EDT) -- Countrywide Home Loans Inc. will pay $100 million to settle a class action alleging that the Bank of America Corp.-owned lender deceptively lured consumers into buying loans with higher interest rates than originally promised, according to a Thursday filing in California federal court.

Plaintiff Jay J. Ralston alleged that Countrywide and its correspondent lenders, including Mortgage Investors Group Inc., engaged in a "campaign of deceptive conduct and concealment" in which some consumers lost their homes through foreclosure, according to court documents.

The class consists of consumers...
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