The New York Times
Mon, June 07, 2010 -- 11:58 AM ET
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Bank of America to Pay $108 Million in Mortgage Abuse Case
Bank of America has agreed to pay $108 million to settle
charges by the Federal Trade Commission that the bank's
Countrywide Financial mortgage subsidiary collected excessive
fees from struggling homeowners and engaged in other abusive
practices in the years before the bank acquired Countrywide
in July 2008. In announcing the settlement on Monday, the
commission said the payment would be used to reimburse
homeowners.
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