SPRINGFIELD, Ill. (AP) - Ohio homeowners with Countrywide mortgages will receive about 103 million dollars in reduced interest and principal.
That's Ohio's share of a more than 8 billion dollar multistate settlement with Bank of America, which acquired Countrywide Financial and its troubled mortgages over the summer.
Ohio Attorney General Nancy Rogers said today that the settlement should help about 8,000 Ohioans who are struggling to keep their homes. She notes that foreclosures have devastated Ohio communities and crippled the state's economy.
Rogers says depending on the type of loan, up to one-half of all Countrywide subprime loans in the state are delinquent.