Countrywide Pays $108M To Drop FTC Fee Suit

Law360, New York (June 7, 2010, 1:25 PM EDT) -- Countrywide Financial Corp. has coughed up $108 million to settle the Federal Trade Commission’s allegations that the mortgage lender, now owned by Bank of America Corp., charged inflated fees to hundreds of thousands of borrowers struggling to keep their homes.

The agency announced Monday that Countrywide would reimburse cash-strapped borrowers $108 million and adopt fairer lending practices in order to put to rest claims that the mortgage company preyed on borrowers who had fallen behind on their payments and even exploited homeowners driven into bankruptcy....
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