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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
07/25/201618:10:00Fifth Third Chief Legal Officer Out
07/25/201616:23:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/25/201616:18:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/23/201603:03:00Consumer Bet Gets Riskier -- WSJ
07/22/201617:42:00Banks' Bet on Consumers is Getting Riskier
07/22/201611:00:00Former Army Medic Receives Keys to Home as Bank of America Celebrates...
07/21/201619:30:00Goldman Sachs Raising Private-Equity Fund of $5 Billion to $8...
07/21/201614:00:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/21/201609:00:00Bank of America Continues Investment in Mobile With Redesigned...
07/20/201617:28:00バンク・オブ・アメリカ、2016年第2四半期業績を発表
07/20/201614:03:52Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/20/201607:40:00Morgan Stanley Logs Smaller-Than-Expected Declines in Profit...
07/19/201616:23:56Statement of Changes in Beneficial Ownership (4)
07/19/201603:02:00BofA Targets Lower Costs -- WSJ
07/18/201618:11:00Bank of America Plans More Cost Cuts as Earnings Slide -- 7th...
07/18/201616:14:00Bank of America's Results Beat Estimates on Pickup in Bond Trading...
07/18/201613:25:00Correction to Bank of America Earnings Story
07/18/201612:48:00Bank of America's Results Beat Estimates on Pickup in Bond Trading...
07/18/201612:01:00Uncertainty Pinches BofA's Wealth Arm
07/18/201610:36:00Bank of America veröffentlicht Finanzergebnis für das zweite Q...

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