The Federal Trade Commission will mail 450,177 refund checks totaling $108 million to homeowners allegedly overcharged on their mortgage by Countrywide Financial Corp.
"It’s astonishing that a single company could be responsible for overcharging more than 450,000 homeowners," said FTC Chairman Jon Leibowitz. "Countrywide’s unconscionable behavior harmed American consumers on a massive scale, and we are proud to be getting every single dollar back to hundreds of thousands of struggling consumers who can least afford to lose the money."
The FTC struck a settlement with Countrywide in June 2010 after alleging the subprime mortgage giant collected excessive fees from delinquent homeowners. The refunds will go to borrowers whose loans were serviced by Countrywide between Jan. 1, 2005, through July 1, 2008, and were subject to the allegedly illegal practices.
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