Countrywide Lambasted Over Bankruptcy Fees

Law360, New York (May 6, 2008, 12:00 AM EDT) -- Countrywide Financial Corp. has announced that it will implement new initiatives to ensure the integrity of its bankruptcy-servicing process after coming under attack from legislators and bankruptcy experts for allegedly charging extraneous fees even after homeowners filed for Chapter 13.

But Sen. Chuck Schumer (D-N.Y.), remained unconvinced that Countrywide could correct its errors and said he would consider asking the U.S. Federal Trade Commission to conduct an audit.

Schumer chaired a Senate subcommittee hearing on Tuesday over whether misconduct by lenders is fueling the foreclosure crisis....
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