Bank of America to pay borrowers $108 million for Countrywide misconduct
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.
It's the latest evidence of misconduct at Countrywide, once an industry giant that has since fallen. Last year, three top executives, including former CEO Angelo Mozilo, were charged with civil fraud and insider trading by the Securities and Exchange Commission.
The settlement, which seeks to refund money to about 200,000 borrowers, was announced Monday by the Federal Trade Commission. It is the largest mortgage industry settlement for the agency, which oversees non-banking functions such as debt collection.
Click on the following link to read more on the Bank of America Settlement for Homeowners
http://news.yahoo.com/s/ap/20100607/ap_on_bi_ge/us_bank_of_america_lending_settlement
Brian F. LaBovick, Esq.
Esther Uria LaBovick, Esq.
Mark R. Hanson, Esq.
Scott R. Haft, Esq.
Joseph R. Fields Jr., Esq.
Marcie Dodson, J.D.