Countrywide Agrees to $108 Million Settlement with FTC to Resolve Allegations That It Squeezed Troubled Mortgage Holders for Excessive Fees


These allegations made us choke on our coffee: The Federal Trade Commission claims that Countrywide created property management subsidiaries to maintain the homes of borrowers in default, then charged the homeowners excessive fees for those services. (We're talking about overbilling people who can't afford to pay the mortgage for stuff like lawn-mowing. Jeez.) Without admitting liability, Countrywide agreed to pay to make the case go away.

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