Countrywide Home Loans Will Pay $108,000,000 to Customers Affected by its Unfair Lending Practices -- and Give Adequate Notice of its Charges to Debtors in Bankruptcy

more+
less-

Summary:

After two years of investigating Countrywide Home Loans Inc., the U.S. Trustee Program (USTP) in Washington wrapped up litigation concerning Countrywide’s improper conduct in servicing home loans. As part of the settlement with the USTP, Countrywide will pay customers affected by its unfair lending practices $108 million. (In 2008, Countrywide was acquired by Bank of America.)

Countrywide purportedly charged inflated fees to homeowners struggling to keep their homes since at least 2005. The agreement between Countrywide and the FTC will compensate homeowners who were mistreated.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Antitrust & Trade Regulation Updates, Bankruptcy Updates, General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fonfrias Law Group LLC. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »