Payday Loans News Break: $8.4 Billion Predatory Lending Settlement

Grais & Ellsworth LLP, a New York litigation firm that represents investors in asset-backed securities, announced today a briefing for investors in securitizations of loans originated by Countrywide Financial Corporation .

Your Payday Loans News Source Quoted With Edits From: Grais & Ellsworth LLP to Brief Investors in Countrywide ABS on Cost to Them of $8.4 Billion Predatory Lending Settlement (PR Newswire via Yahoo! Finance)

$8.4 billion settlement

Countrywide Financial Corporation was recently taken over by Bank of America. Countrywide’s new status as Bank of America’s subsidiary doesn’t excuse its previous actions. Countrywide had predatory-lending charges brought against it and has reached a settlement with Illinois, California, and 9 other states; Countrywide has agreed to adjust the mortgage loans of close to 400,000 customers, which is estimated to cost $8.4 billion.

Responsible Use of Money

Real money is not Monopoly money

With crisis, comes panic. So, in the current financial crisis, people are panicking; they are trying to place the blame for the financial downturn anywhere they can. The fact of the matter is that the irresponsible use of money is the real culprit. Banks like Countrywide, the government, and the people all played a part in this mess. This is not Monopoly, and we shouldn’t treat our money as though it is. There’s nothing wrong with mortgages, payday loans, cash advances, and loans in general. It’s the misuse of all those things that has got America in the financial trouble it’s in now. The first step towards financial stability in America is the responsible use of money and payday loans.