They settled. There’s something unsettling about allowing a company to settle rather than admit guilt. Then again, by settling they admitted they did something, right?
Sphere: Related ContentCountrywide Financial Corp has agreed to provide about $7.7 million to settle allegations by Colorado that it improperly marketed subprime and other high-risk mortgages in the state.
Colorado had accused Countrywide of deceptively putting borrowers into high-risk, high-cost loans that quickly became unaffordable once low introductory rates expired and monthly payments increased dramatically.
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