Bank Of America to Pay $108 Million to Countrywide Borrowers; Interest Rates in St. Louis drop this week

Paramount Mortgage Company - St Louis

Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial. The Federal Trade Commission said two mortgage-servicing units of Countrywide, which BofA acquired in 2008, “deceived homeowners who were behind on their mortgage payments into paying inflated fees — fees that could add up to hundreds or even thousands of dollars.”
With continuing worries about about Europe’s debt crisis and the stock market, “flight to quality” should keep dollar denominated assets in favor and keep rates at these low levels…once the market determines an end to the current crisis of confidence, one would expect to see rates on the rise.

St. Louis Mortgage Interest Rates – Jun 9, 2010 *

  • 30-year fixed-rate mortgage 4.75% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • FHA/VA 30-year fixed rate mortgage 4.875%
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed rate mortgage 4.625%

For more information or if you have questions on mortgage rates in St. Louis you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

 

 


*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.

This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.

 

 

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15 comments to Bank Of America to Pay $108 Million to Countrywide Borrowers; Interest Rates in St. Louis drop this week

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