Bank of America to Pay Homeowners $108 Million in FTC Countrywide Settlement

Bank of America has agreed to pay $108 million to settle charges by the Federal Trade Commission that the bank's Countrywide Financial mortgage subsidiary collected excessive fees from struggling homeowners and engaged in other abusive practices in the years before the bank acquired Countrywide in July 2008. In announcing the settlement on Monday, the commission said the payment would be used to reimburse homeowners.

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After the court approves the settlement, the FTC will send refunds to eligible homeowners.

You'll be notified by mail in the coming months if you're eligible.

You don't need to do anything now.

Here is the link to the FTC site that has FAQ's, video and more info on this Settlement -with additional info in both English and en Espanol.

Available Downloads:
Complaint (PDF) Consent Judgment and Order (PDF)