Bank of America to pay $108M settlement

Press release from the issuing company

Tuesday, June 8th, 2010

Bank of America Corp. will pay $108 million to settle Federal Trade Commission allegations that the former Countrywide Financial Corp. collected excessive fees from cash-strapped homeowners.

The funds, one of the largest judgments imposed in an FTC case, will be used to reimburse homeowners whose loans were serviced by Countrywide before it was acquired by Charlotte-based BofA in July 2008. (read more at Atlanta Business Chronicle)