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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
11/21/201417:06:39Two Top-Producing Advisers Leave Merrill Lynch--Street Moves
11/20/201417:55:14Merrill Loses Veteran Wealth Manager to UBS -- Street Moves
11/20/201413:22:06Average Wall St. Pay to Rise 4% This Year -- Update
11/19/201420:40:24Bank Payouts for Government-Job Takers Under Fire
11/19/201418:40:21Regulators' Clarification Still Sows Banks' Unease
11/18/201419:55:17Goldman Hits Mother Lode on Deals
11/17/201419:19:26High Court to Review Second-Mortgage Liens -- 2nd Update
11/12/201417:09:37OCC Fines Citigroup, J.P. Morgan, Bank of America Over Foreign...
11/10/201401:06:00Hong Kong Murder Case Adjourned for Two Weeks -- Update
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11/07/201416:37:33RBC Wealth Nabs Merrill Team -- Street Moves
11/05/201423:40:12ANZ Names Xiaoguang CEO for China Business
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10/28/201406:40:03Big Banks: Fourth-Quarter Outlook -- Barron's
10/26/201416:46:21Banks Demand That Law Firms Harden Cyberattack Defenses
10/20/201418:07:05Stifel Financial to Hire Two Former Merrill Lynch Advisers
10/20/201416:09:27Morgan Stanley Hires from Merrill, J.P. Morgan, UBS -- Street...
10/16/201422:00:25U.S. to Boost Security for Federal Benefit Cards
10/16/201421:44:35U.S. to Boost Security for Government-Issued Debit Cards -- Update

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