State, Florida Bar Offers Foreclosure Defense

29 07 2009

The state and Florida Bar Foundation are teaming up to provide legal help for homeowners facing foreclosure.

Attorney General Bill McCollum and bar officials announced that $4 million the state obtained through a settlement with Countrywide Financial Corp. would be dedicated to the effort.

Countrywide, now owned by Bank of America, lost billions of dollars on bad loans. In a lawsuit, McCollum accused Countrywide of using deceptive practices.

McCollum’s office and the foundation will make grants to nonprofit legal aid organizations so they can provide free services to homeowners who cannot afford lawyers.

The grants are expected to cover a two-year period beginning Oct. 1.

Source: The Associated Press


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