BofA Mortgage Unit Inks $36M FTC Deal For Overcharges

Law360, New York (February 9, 2012, 5:01 PM EST) -- A Bank of America Corp. mortgage servicing unit has agreed to finish refunding more than $36 million in illegal fees it charged against struggling homeowners in order to settle Federal Trade Commission allegations against it, the agency announced Thursday.

BAC Home Loans Servicing LP has already reversed or refunded $28 million worth of improper fees for title and other default-related services that it assessed against homeowners who were behind on their mortgages. Under the deal with the FTC, which ends charges that it violated an earlier...
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