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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
01/27/201513:33:31Some Roads Reopen in Western Massachusetts -- Governor
01/27/201513:29:28Bank of America Branches in New England Closed Tuesday
01/21/201522:26:45Correction to Falling Oil Prices Worry Bank Investors Story
01/21/201519:33:56Fraud-Prevention Company Stopped Providing Bank Verification...
01/21/201518:37:23Falling Oil Prices Worry Bank Investors
01/21/201515:55:11Falling Oil Prices Worry Bank Investors, Analysts
01/20/201508:30:21Morgan Stanley's Results Miss Estimates -- 2nd Update
01/20/201507:51:26Morgan Stanley's Results Miss Estimates -- Update
01/20/201503:11:46China Shares Gain After Plunge in Previous Session
01/16/201509:28:36E2open Adopts Shareholder-Rights Plan
01/16/201508:26:08Goldman Sachs Profit Slides on Lower Trading Revenue -- Update
01/15/201519:52:26Biggest Banks Lag Behind as Economy Gains Steam
01/15/201518:57:10Finra Fines Merrill Lynch Over Delay in Reporting Allegations...
01/15/201517:32:38Correction to U.S. Stocks Story
01/15/201516:08:15U.S. Stocks Slip as Banks Stumble
01/15/201513:26:13Fourth Quarter Trips Up Big Banks
01/15/201511:44:17U.S. Stocks Lower as Big Banks Stumble
01/15/201511:12:10U.S. Stocks Mixed as Big Banks Stumble
01/15/201509:41:08Citi's Earnings Drop Sharply on Legal Charges -- 2nd Update
01/15/201509:27:27Correction to Bank of America Earnings Story

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