State Fund To Provide Relief Services To Distressed Home Owners

Remember when this name was synonimous with CA. home loans?

Does anyone remember a company called Countrywide? Well as we all know this company was a major lender during the last hot real estate market a few years back. San Diego’s real estate market, and California’s housing market for that matter, was fueled by many Countrywide loans and accounted for a large portion of the company’s business.

Fast forward to today and we all know the story about Countrywide’s collapse as well as the criminal investigation into the company’s questionable lending practices. What some may not know is that a settlement was reached which included a hefty fine for both the CEO, Angelo Mozilo,  and the president, David Sambol, of the company.

The attorney general of California is now in the process of using the money from the fines to set up grants to institutions that will provide distressed homeowners with services in a variety of areas. San Diego’s housing market has shown signs of recovery and growth but any assistance that can be provided to help those still struggling is welcomed. San Diego will surely be applying to receive these funds and assist as many people as it can. San Diego has to apply by June 2nd to receive funds and hopefully, if all goes well, will be on the list being published in October of cities that have received a grant to help distressed homeowners.

We hope to have an update as this program progresses so check back in later weeks and we’ll keep you posted as more details are available.