Jun 7, 2010
Bank of America to Pay Borrowers $108 Million in Countrywide Case
Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure. The settlement, which seeks to refund money to about 200,000 borrowers, was announced today by the Federal Trade Commission. It is the largest mortgage industry settlement for the agency, which has been criticized for failing to protect consumers from abuse by financial companies.