Violation Tracker Individual Record

Company: 
Countrywide Financial Corp.
Current Parent Company: 
Bank of America
Penalty: 
$84,548,000
Year: 
2008
Date: 
December 23, 2008
Offense Group: 
financial offenses
Primary Offense: 
mortgage abuses
Violation Description: 

Countrywide agreed to pay over $84 million, mostly in loan modifications, in settlement of allegations it sold predatory loans by misrepresenting loan terms, loan payment increases, and borrowers' ability to afford loans.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Hawaii Department of Commerce and Consumer Affairs
Civil or Criminal Case: 
civil
Facility State: 
Hawaii
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
banking
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.