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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
12/19/201419:35:11Whistleblowers Score a Big Payday -- Update
12/19/201416:11:11Third Whistleblower to Collect Reward Related to Bank of America...
12/18/201423:16:12How a Memo Cost Big Banks $37 Billion
12/17/201418:44:30BofA Whistleblower to Get Nearly $58 Million--Filing
12/16/201420:03:20Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/16/201418:56:11Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/16/201415:39:33Bank of America Names DeMare, Mensah to Lead Global FICC Trading...
12/16/201413:55:38Bank of America Names DeMare, Mensah Co-Heads of Global FICC...
12/16/201413:35:35Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/11/201412:15:33Finra Fines 10 Firms Over Coverage Of Toys 'R' Us IPO -- 3rd...
12/11/201411:58:30Finra Fines 10 Firms Over Coverage Of Toys 'R' Us IPO -- 2nd...
12/09/201418:38:47Bank of America, Citi Give Weak Outlooks for Trading Revenue...
12/09/201416:00:33Bank of America, Citi Give Weak Outlooks for Trading Revenue...
12/09/201415:53:24Bank of America Gives Weak Outlook for Trading Revenue
12/09/201402:08:06CLSA Taps Andrew Low as International Investment Banking Head
12/08/201419:07:23Merrill Recruits Advisers From UBS, Citi -- Street Moves
12/04/201408:40:33TD Bank Profit Rises 8% but Misses Views
12/01/201422:40:17Bank-Backed Firm Buys Chat Service
11/25/201419:20:15SEC Grants Bank of America Short-Term Waiver from Hedge-Fund...
11/23/201415:15:36Faith-Based Shareholders Prepare Day of Reckoning for Bank of...

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