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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
10/01/201419:36:47Bank of America Board Gives Chairman Job to Brian Moynihan
10/01/201417:30:28BofA Board Gives Chairman Job to Moynihan
10/01/201412:40:18J.P. Morgan Expects $869 Million Credit for Mortgage Actions
10/01/201412:30:31J.P. Morgan Expects $869 Million in Credit for Consumer Mortgage...
09/29/201423:00:21Bank Branches in U.S. Dip to Lowest Since 2005
09/29/201422:52:12Bank Branches in U.S. Decline to Lowest Level Since 2005 -- Update
09/27/201420:43:31Bank of America Gets Back to Normal
09/23/201405:37:26Jimmy Choo Plans London Listing
09/22/201409:48:50U.S. Hot Stocks: Hot Stocks to Watch
09/16/201400:56:44Bank of America Releases Mid-Year Stress Test Results
09/03/201401:31:51J.P. Morgan in Talks to Sell Oil-Supply Agreement
08/28/201414:25:10J.P. Morgan Working With Law Enforcement on Cyber Attack -- 3rd...
08/28/201414:17:23J.P. Morgan Working With Law Enforcement on Cyber Attack -- 2nd...
08/21/201419:36:44BofA Settlement Earmarks $7 Billion for Homeowners
08/21/201415:16:08Private Bankers Notably Absent From Fed's Symposium This Year
08/21/201409:50:07Bank of America Reaches $16.65 Billion Settlement
08/18/201412:22:47Banks, Retailers Speed Up Drive to Add Chips to Credit, Debit...
08/12/201420:39:13Banks Retreat From Market That Keeps Cash Flowing
08/08/201412:36:06Gemalto to Buy SafeNet for $890 Million
08/05/201416:10:12Trustees Seek More Time on Citigroup Settlement

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