Summary Box: Bank of America to pay $108M to settle charges that Countrywide bilked homeowners
By APMonday, June 7, 2010
Summary Box: Countrywide homeowners to get $108M
BIG SETTLEMENT: Bank of America settled charges that Countrywide Financial, which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure.
MONEY COMING BACK: About 200,000 borrowers are in line for refunds totaling $108 million.
FALLEN GIANT: The settlement with the Federal Trade Commission was the latest evidence of misconduct at Countrywide, a fallen mortgage industry giant. Countrywide hit borrowers who were behind on their mortgages with fees of several thousand dollars at times, the FTC said.
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