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On April 10, 2007, the Commissioner entered into a Settlement Agreement with Countrywide Home Loans, Inc. and Countrywide Home Loans, Inc. d/b/a America’s Wholesale Lender (“Countrywide”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination the Commissioner alleged that from October 1, 2001 through August 31, 2005, Countrywide Home Loans, Inc., when making at least 362 first mortgage loans, imposed prepaid finance charges that exceeded in the aggregate the greater of five percent of the principal loan amount or $2000, in violation of Section 36a-498a of the General Statutes and, employed or retained at least 147 originators without first registering such originators, in violation of Section 36a-486(b) or 36a-511(b) of the General Statutes.  In addition, the Commissioner alleged that from October 1, 2001 through August 31, 2005, Countrywide Home Loans, Inc. d/b/a America’s Wholesale Lender, when making at least 111 first mortgage loans, imposed prepaid finance charges that exceeded in the aggregate the greater of five percent of the principal loan amount or $2000, in violation of Section 36a-498a of the General Statutes.  Pursuant to the Settlement Agreement, Countrywide agreed to remit to the Department of Banking $401,750 as a civil penalty, cease and desist from engaging in acts in violation of Sections 36a-486(b), 36a-498a and 36a-511(b) of the General Statutes and, to enforce the Contribution Agreement and its Addendum A to ensure that NeighborWorks uses Countrywide Financial Corporation’s $100,000 contribution to NeighborWorks for homeownership assistance in Connecticut.  

On April 3, 2007, pursuant to Section 36a-462b(d) of the Connecticut General Statutes, Corporate America Family Credit Union, Elgin, Illinois, requested approval to expand its field of membership in the State of Connecticut to include employees of Supreme-Lake MFG., Inc., Plantsville.

       Howard F. Pitkin

       Banking Commissioner