Money Due From Countrywide?

The Federal Trade Commission caught Countrywide for having cheated 450,000 homeowners that struggled to keep their homes.   More than twice as many homeowners as the FTC had anticipated.

The FTC reached an agreement with Bank of America which agreed to pay $108 million to settle charges that Countrywide took advantage of homeowners by overcharging fees, overstating amounts of money borrowers owed when filing bankruptcy, and adding charges to accounts.

FTC Chairman Jon Liebowitz said in a statement Wednesday that when the FTC took a closer look at Countrywide’s records that far more people had been overcharged on default charges than originally thought.

Despite the large number of victims to reimburse, there is enough money from last year to to fully reimburse all victims.

The refund checks being mailed to homeowners range from less than $500 to several thousands.

Another unbelievable move from the big banks….