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

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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.

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