$8 Billion Settlement Between Texas vs. Countrywide - KCBD NewsChannel 11 Lubbock

10/6/08

$8 Billion Settlement Between Texas vs. Countrywide

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It took an out of court settlement worth billions of dollars to keep many Texans from losing their homes.

Texas Attorney General Greg Abbott announced the settlement Monday in Austin which affects an estimated 30,000 Texas homeowners.

Those were the same ones who signed on for a sub-prime mortgage through Countrywide. As interest rates climb, so do their monthly payments. Monday's agreement freezes or lowers those interest rates. "Helping eligible Texans pay their mortgages and stay in their homes will help our great state weather this financial storm," said Greg Abbott, TEXAS ATTORNEY GENERAL.

If you or someone you know will benefit from Monday's agreement we would love to hear from you. Please call 744-1414, listen to the options and select the extension for the newsroom. If we're busy taking other calls, please leave a message.

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