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Countrywide Broke Promise To Katrina Victims: Suit

Law360 (March 19, 2008, 12:00 AM EDT) -- Homeowners hit by Hurricane Katrina are accusing Countrywide Home Loans Inc. of reneging on promises it made to defer mortgages without penalties, instead subjecting customers to costly loan modifications.

In a proposed class action filed Friday in the U.S. District Court for the District of Mississippi, Countrywide is accused of profiting off Hurricane Katrina, which devastated the Gulf Coast in 2005. The suit alleges that the company threatened those hit by the storm with foreclosure if they did not agree to harmful forbearance agreements and loan...
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