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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
07/24/201412:10:09BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations
07/24/201411:22:08BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations...
07/22/201413:13:16Credit Suisse to Exit Commodities Trading
07/18/201418:44:35Rise in Fee-Based Business Helps Boost Broker Productivity
07/17/201401:36:37MARKET SNAPSHOT: Dow Hits Intraday Record; Apple, IBM Drive Gains
07/17/201401:29:32MARKET SNAPSHOT: U.S. Stocks Open Higher; Yellen In Focus
07/16/201423:58:59MARKET SNAPSHOT: U.S. Stocks: Futures Rise; PPI Up In June
07/16/201421:16:22U.S. Hot Stocks: Hot Stocks to Watch
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201414:32:46Citi in $7 Billion Pact to Resolve Mortgage Probe -- 2nd Update
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
07/10/201418:45:11A Difficult Quarter Again Seen for Banks
07/10/201417:42:36Morgan Stanley Recruits Brokers From Wells Fargo, Merrill --Street...
07/03/201407:55:53Paramount Group Said Considering Up to $15 Billion Real Estate...
06/26/201416:50:34Trustees Ask for Extension on Citigroup's $1.13 Billion Mortgage...
06/25/201417:11:13BofA Lays Off 540 Employees in N.C. Mortgage Division -Report
06/24/201418:21:46Aetna Looking to Shed Some Coventry Assets -Reuters
06/24/201411:59:57Mortgage-Investor Group Asks DOJ to Leave It Out of Bank Settlements
06/24/201403:24:13Loomis Gets Bank of America Cash Processing Deal
06/19/201417:47:39Correction to Cantor Fitzgerald Wealth Unit Story

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