The agreement struck with Countrywide and Nevada is the same for the other eleven states. The difference is how much money will be sent to each individual staet.

Here in Nevada borrowers could see relief equalling $7-to-8 Billion dollars.

Ernest FIgueroa is a Deputy Attorney General with the state of Nevada. He says the attorney general's office had been investigating Countrywide for quite some time.

"We allege there was an ongoing effort telling people that it didn't matter what, didn't matter what option they were on. You know your property value was going to increase that was a fact it was going to increase and you would be able to refinance the loan in two years when the loan was up."

Figueroa says under the agreement, sub-prime borrowers with Countrywide will be able to modify their monthly payments to make them more affordable.

Those modified loans will vary from an automatic freeze to a reduction in interest rates.

They may also include a conversion to fixed-term loans and re-financing or reduction of the principal owned.

For those on a sub-prime or pay-option adjustable loans, foreclosures will be suspended on eligible borrowers.

TWO-Hundred-19 MILLION dollars will come to nevada to help borrows reduce their principal balances or interest payments

Two point two million will be used to waive late fees.

For borrowers who are four months behind in payments and in foreclosure three million dollars will help them with payments.
And Four point eight million dollars will go towards borrowers who in the future will be unable to afford monthly payments even under loan modifications and lose their homes to foreclosure.

This tentative agreement between Countrywide and the state means Countrywide does not admit to unfair and deceptive tactics or that borrowers were put in structurally unfair and unaffordable loans.