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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
05/27/201614:30:00Bank of America Relaunches Sale of Credit-Card Issuer MBNA
05/27/201614:19:00Bank of America Relaunches Sale of Credit-Card Issuer MBNA...
05/27/201613:37:26Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/27/201612:52:29Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/27/201611:33:27Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201611:03:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201609:30:40Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/26/201601:30:00Wells Fargo to Offer Low-Down-Payment Mortgages Without FHA Backing
05/25/201615:09:37Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/25/201603:02:00BofA Tipster Gets to Keep His Reward -- WSJ
05/24/201621:10:00Solicitor General Tells Supreme Court Not to Hear Interest-Rate...
05/24/201619:35:00Bank of America Tipster Gets to Keep His Reward
05/24/201603:02:00Court Tosses Crisis-Era Fraud Fine -- WSJ
05/23/201619:52:00Appeals Court Throws Out $1.27 Billion Penalty Against BofA...
05/23/201616:25:00Appeals Court Throws Out $1.27 Billion Penalty Against BofA...
05/23/201615:13:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201614:53:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201614:04:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201613:35:00Civil Antitrust Claims Reinstated Against 16 Banks in Libor Case...
05/23/201613:30:00Civil Antitrust Lawsuits Reinstated Against 16 Banks in Libor...

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