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The Water Cooler
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Illegal or just unethical? Walking away from your mortgage...
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<blockquote data-quote="Billybob" data-source="post: 1624558" data-attributes="member: 1294"><p>June 8, 2010</p><p>Bank of America fined $108 million</p><p></p><p>By ALAN ZIBEL The Associated Press</p><p></p><p>WASHINGTON - 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.</p><p></p><p>Bank of America is to refund $108 million to about 200,000 borrowers with Countrywide Financial who, federal officials say, paid inflated fees when they were facing foreclosure.</p><p></p><p>Bank of America settled charges that Countrywide Financial, which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure.</p><p>About 200,000 borrowers are in line for refunds totaling $108 million.</p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>The FTC's chairman, Jon Leibowitz, accused Countrywide of "callous conduct, which took advantage of consumers already at the end of their financial rope."</p><p></p><p>Bank of America purchased Countrywide in July 2008. The actions in the case took place before the acquisition.</p><p></p><p><a href="http://www.pressherald.com/business/bank-gets-_108-million-fine_2010-06-08.html" target="_blank">http://www.pressherald.com/business/bank-gets-_108-million-fine_2010-06-08.html</a></p></blockquote><p></p>
[QUOTE="Billybob, post: 1624558, member: 1294"] June 8, 2010 Bank of America fined $108 million By ALAN ZIBEL The Associated Press WASHINGTON - 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. Bank of America is to refund $108 million to about 200,000 borrowers with Countrywide Financial who, federal officials say, paid inflated fees when they were facing foreclosure. Bank of America settled charges that Countrywide Financial, which it acquired nearly two years ago, collected outsized fees from borrowers facing foreclosure. About 200,000 borrowers are in line for refunds totaling $108 million. 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. 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. The FTC's chairman, Jon Leibowitz, accused Countrywide of "callous conduct, which took advantage of consumers already at the end of their financial rope." Bank of America purchased Countrywide in July 2008. The actions in the case took place before the acquisition. [url]http://www.pressherald.com/business/bank-gets-_108-million-fine_2010-06-08.html[/url] [/QUOTE]
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