In a press release from the FTC it was announced that Countrywide, who was accquired by Bank of America in 2008, will be paying $108 million to homeowners who were struggeling to keep their homes and Countrywide collected exsessive fees from.
“Life is hard enough for homeowners who are having trouble paying their mortgage. To have a major loan servicer like Countrywide piling on illegal and excessive fees is indefensible,” said FTC Chairman Jon Leibowitz. “We’re very pleased that homeowners will be reimbursed as a result of our settlement.”
The bank took advantage of the fact that these people were in an emotional place while they were making these choice because they feared that they could loose their home. They trusted what the bank employees were telling them, and as my husband and I learned years ago, you cannot always trust that the information that they are giving you is true and accurate, even when you think you are asking the right questions.
To read all of the information on this case and the settlement with the FTC, you can go to