Foreclosure is hard enough -Homeowners will have certain fees that were charged inappropriately refunded. The investigation has been ongoing since 2008.
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 Real Estate 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.
Nice people to do Real EstateMortgage business with huh ?
