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Monday
Jun072010

FTC Chairman: "Most frat houses have better record keeping than Countrywide" (Settlement Announced)

And former Countrywide CEO Angelo Mozilo remains a free man, despite allegations of criminal conduct.

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FTC chief calls Countrywide record-keeping 'abysmal'

June 7 (Reuters) - Countrywide Financial Corp, the mortgage lender that became synonymous with risky lending practices, has agreed to pay $108 million to settle government charges that two Countrywide mortgage servicing companies misled and overcharged consumers.

The Federal Trade Commission said Countrywide's mortgage services, which manage loan payments, had deceived homeowners into paying inflated fees, overcharging them by hundreds or thousands of dollars.

The agency called the $108 million one of the largest settlements in an FTC case.

  • "The record-keeping of Countrywide was abysmal," said FTC Chairman Jon Leibowitz. "Most frat houses have better record-keeping than Countrywide.

Countrywide [CSTHLW.UL], once the largest U.S. mortgage lender, is now owned by Bank of America Corp (BAC.N). Bank of America did not immediately respond to a request for comment.

(Reporting by Diane Bartz; additional reporting by Joe Rauch in Charlotte; editing by John Wallace)

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Angelo Mozilo Charged With Insider Trading...

Florida AG Suing Angelo Mozilo For Fraud...

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