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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
05/06/201517:33:39Bank of America Shareholders Re-Elect All Directors--3rd Update
05/06/201516:03:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/06/201515:27:21Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/06/201514:42:47Bank of America Shareholders Re-Elect All Directors--2nd Update
05/06/201514:38:02Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/06/201514:05:17Bank of America Shareholders Re-Elect All Directors--Update
05/06/201513:08:02Is Now the Time to Sell Bank Stocks?
05/06/201512:10:05Bank of America Shareholders Re-Elect All Board Members
05/06/201511:55:14Bank of America Shareholders Re-Elect All Board Members
05/06/201511:31:00Bank of America Announces Results of 2015 Annual Meeting
05/06/201506:03:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/06/201506:03:55Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/06/201504:42:49BMO Capital Markets Lowers Bank of America to Market Perform...
05/05/201518:47:07Bank of America Paid $315 Million to Settle With Banks Over Ocala...
05/05/201518:37:08Bank of America Paid $315 Million to Settle With Banks Over Ocala...
05/05/201512:53:07Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/05/201512:27:53Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/05/201511:53:59Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/05/201510:19:37Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
05/05/201510:04:21Bank of America Given a $18.50 Price Target at Deutsche Bank...

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