Countrywide Begins $108M Payback

Countrywide Home Loans will start to send out the $108 million it agreed to pay to more than 450,000 borrowers for charging them excessive fees, the Federal Trade Commission said Wednesday. Bank of America, which owns Countrywide now, earlier struck a settlement with the FTC, acknowledging that the company overcharged homeowners on default-related services—for example, some homeowners going through foreclosure were charged $300 to have their lawns mowed. It’s the biggest settlement in the FTC’s history if counted by the number of consumers receiving payment.