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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
03/06/201517:02:18MARKET SNAPSHOT: S&P 500 Sees Steepest Drop In 2 Months
03/06/201516:02:23MARKET SNAPSHOT: Dow Sees Triple-digit Losses As Strong Jobs...
03/06/201515:29:35Merrill Hires Several More UBS Advisers -- Street Moves
03/06/201514:07:09MARKET SNAPSHOT: Dow Sees Tripled-digit Losses As Strong Jobs...
03/06/201513:45:34MARKET SNAPSHOT: Dow Tumbles 250 Points As Strong Jobs Report...
03/06/201513:17:34MARKET SNAPSHOT: Dow Tumbles 230 Points As Strong Jobs Report...
03/06/201511:26:36MARKET SNAPSHOT: U.S. Stocks Lower Amid Strong Jobs Report
03/05/201517:57:31Bank of America Exceeds Fed Minimum Capital Level Under Stress...
03/05/201516:59:47Bank of America Exceeds Fed Minimum Capital Level Under Stress...
03/04/201511:51:07Citi's Fix-It Man Guides Bank Through Must-Pass Fed Stress Test
03/03/201519:35:08Cal Dive Files for Chapter 11
03/01/201512:59:48Samsung Looks to Outsmart Apple, Google on Mobile Payments
02/26/201518:48:36Thain Says CIT's Acquisition Wouldn't Make the Bank Too Big to...
02/26/201517:36:16Penn Virginia Exploring Sale of Company -- 3rd Update
02/26/201517:16:40Two Bank of America Directors Won't Seek Re-Election
02/26/201512:48:51Penn Virginia Exploring Sale of Company -- 2nd Update
02/26/201509:19:10Penn Virginia Exploring Sale of Company -- Update
02/25/201519:36:41Bank of America Settles Fontainebleau Las Vegas Lawsuit -- Update
02/25/201519:03:11Morgan Stanley to Pay $2.6 Billion to Settle Mortgage Cases...
02/25/201518:53:11Bank of America Settles Fontainebleau Las Vegas Lawsuit

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