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FTC: Mailing 450,000 Refund Checks In Countrywide Settlement

By Brent Kendall Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Federal Trade Commission said Wednesday that it is mailing more than 450,000 refund checks to struggling homeowners who were allegedly cheated by Countrywide Home Loans as they fought to keep their homes. The FTC reached an agreement last year with Countrywide, now a unit of Bank of America Corp. (BAC), in which the company agreed to pay $108 million to settle charges that it took advantage of homeowners in distress by inflating the cost of services relating to their defaults, such as property inspections and foreclosure services. The agency also alleged that Countrywide overstated the amounts that borrowers owed when they entered bankruptcy, as well as surreptitiously adding fees and charges to homeowners' accounts. FTC Chairman Jon Leibowitz said in a statement Wednesday that Countrywide's behavior was unconscionable. "It's astonishing that a single company could be responsible for overcharging more than 450,000 homeowners," he said. The charges involved activity at Countrywide prior to its June 2008 acquisition by Bank of America. Bank of America representatives could not immediately be reached for comment. -By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com

Stock News for Bank of America (BAC)
DateTimeHeadline
06/30/201612:10:00Visa, MasterCard Class-Action Settlement Rejected by U.S. Court
06/30/201609:39:00U.S. Hot Stocks: Hot Stocks to Watch
06/30/201603:40:00Hong Kong Regulator Censures Bank of America
06/30/201603:04:00Fed Clears Most Big Banks for Dividends -- WSJ
06/29/201619:52:00Fed Stress Tests Clear 31 of 33 Big U.S. Banks for Capital Returns...
06/29/201617:59:00Fed Stress Tests Clear 31 of 33 Big U.S. Banks for Capital Returns...
06/29/201617:49:00Bank of America to Buy Back Up to $5 Billion in Stock, Boost...
06/29/201617:21:00Bank of America to Buy Back Up to $5 Billion in Stock, Boost...
06/29/201617:10:00Fed Clears 31 of 33 Big Banks for Capital Returns
06/29/201616:59:00Fed Approves Bank of America's Capital Plan
06/29/201616:42:40Current Report Filing (8-k)
06/29/201603:03:00Supreme Court Will Hear Appeal on ATM-Fees Case -- WSJ
06/28/201613:29:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/28/201613:08:00Supreme Court to Hear Case on ATM Fees -- 2nd Update
06/28/201611:30:00Supreme Court to Hear Case on ATM Fees
06/28/201611:17:00Supreme Court to Hear Case on ATM Fees -- Update
06/28/201610:57:09Annual Report of Employee Stock Plans (11-k)
06/28/201610:55:46Annual Report of Employee Stock Plans (11-k)
06/28/201610:43:00Supreme Court to Hear Case on ATM Fees
06/28/201603:02:00Bank Stocks Lead a Global Selloff -- WSJ

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