Bank of America to Settle More Countrywide Charges

Bank of America has agreed to pay $108 million to settle charges that Countrywide Financial Corp., which it acquired two years ago, charged large and unfair fees to borrowers facing foreclosure.

The settlement, which will refund money to about 200,000 borrowers, was announced Monday by the Federal Trade Commission.

FTC Chair Jon Leibowitz said Countrywide engaged in “callous conduct that took advantage of consumers already at the end of their financial rope.”

Source: Associated Press, Alan Zibel (06/07/2010)