The settlement between Countrywide, now Bank of America, and the FTC will affect 200,000 homeowners and cost the company 108 million dollars.
Homeowners will have certain fees that were charged inappropriately refunded. The investigation has been ongoing since 2008.
The agreement has to be approved by the court before the terms will be released. Then the FTC will contact the those that Countrywide stole from and refunds will handled.
We will update you as terms of the agreement are announced.
But as the housing market collapsed, Countrywide created subsidiaries to do the work, then marked up the price of those services by 100% or more, charging homeowners the fees to increase profits from default-related services in bad economic times, the FTC said.
“Life is hard enough for homeowners who are having trouble paying their mortgage. To have a major loan servicer like Countrywide piling on illegal and excessive fees is indefensible,” FTC Chairman Jon Leibowitz said.
Countrywide also failed to tell borrowers when it added new charges to their mortgages and made “false or unsupported claims” to borrowers about the how much they owed on their loans, the agency said. The marked-up fees were collected as part of repayment plans, foreclosures or bankruptcies. via the LA Times
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My loan was with countrywide and they did the same thing to me too .last year country wide modify my loan for only one year and Bank of america took over the countrywide. past 3 months I am asking bank of America to modify my loan because I can not afford they are telling me no you have to be behind for 3 months than we can talk to you.I was not qualify for buying this price home but they qualify me .I am glad Bank of america lost .Please up date me I do have all my paperwork and the letter I send to bank of America and bagging them to help me I do not want to be behind just help us and they said no.I do have long list of people and supervisers name which I spoke to them for 4 months and I did not get any answer.I am glad please update me too.tks
On August 2007, I viewed one of KB HOMES MODEL HERE in Las Vegas, NV and when I showed an interest, they referred my to Countrywide Loan Officer. It's just now that I reviewed my loan doc. w/ Countrywide, after receiving your email. One item that I just now noticed was my monthly salary of $10,000.00 a month on my loan approval, wherein my salary that time was only $2,000.00 a month.
Last year, I had a terrible car accident ON 3/31/09 that I ended up filing a banktrupcy because I don't have any income for 6 months and tried to call up Bank of America for loan modification but they told me that I can not qualify because of my credit situation. Up to now, I'm still in the process of recovering. I need some help even just for LOAN MODIFICATION. Please advise where to go for HELP at this time, the fact that B of A will not help me because of my CREDIT SITUATION.
I would like to know why Bank of America and Country Wide discrimanate against the dissabled people my bother Raymond powell and Penny Shady were promised if they got there mortgage down below the 80% mark or after two years of steady and no late payments they would drop the PMS insurance and now they say that is not true and they wont even put me Richard Powell on the mortgage when i was on the very first one ! They are frauds and take advantage of the small people and dissabled. Its all about money to them. we cant even fix your home because we dont make enough money the roof is bad and we have mold in the basement and the fondation needs work but do they care ? Not at all ! I am sending E-mails to every on I know and they will be forwarding them on to there freinds and That My Freinds is Alot of People. Thanks for Nothing !
thats O.K. if you dont post it there is alot of other sites that will !
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