Remember the TV jingle, "Countrywide Is On Your Side" or the other slogans about how great Countrywide was? I liked the one, "NOBODY can do what COUNTRYWIDE CAN!" Well, it turns out that it was about the truth, but not in a good way. Recently Countrywide (now part of Bank of America) has had to fork over $108 Million in refunds to consumers that it allegedly cheated through fraudulent practices.
If you were a customer of Countrywide from 2005 through mid-2008, you may be entitled to a refund. It's astonishing to me that a single company could be responsible for overcharging more than 450,000 homeowners. FTC Chairman Jon Leibowitz said. Countrywide's unconscionable behavior harmed American consumers on a massive scale and we are proud to be getting every single dollar back to hundreds of thousands of struggling consumers who can least afford to lose the money.
The June 2010 settlement order required Countrywide, which is now owned by Bank of America, to pay $108 million to be used for refunds and barred the company from taking advantage of borrowers who have fallen behind on their payments. The refunds are being distributed to consumers whose loans were serviced by Countrywide between January 1, 2005, and July 1, 2008, and who were subject to the company's allegedly unlawful practices.