FTC paying nearly $108M to Countrywide borrowers

WASHINGTON (AP) – July 21, 2011 – Hundreds of thousands of homeowners who took out mortgages with Countrywide Financial Corp. will soon receive their slice of a $108 million settlement over claims that the lender charged outsized fees to borrowers facing foreclosure.

The Federal Trade Commission said Wednesday that it will mail refund checks to 450,177 borrowers starting Thursday.

The action is part of a settlement agreement the agency reached last year with Bank of America Corp., which acquired Countrywide in 2008.

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