Housing Information :: FTC wins Countrywide settlement, but celebrates too early

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Released: June 10, 2010

FTC wins Countrywide settlement, but celebrates too early

Source: Michelle Singletary, Washington Post (Free Registration)

It’s an all-too-familiar Washington story. Officials call a news conference to pat themselves on the back for righting a wrong they shouldn’t have allowed in the first place.

Meanwhile, the hapless victims are left to ponder what might have been had those officials been more vigilant.

It happened again this week when the Federal Trade Commission announced that it had secured from Bank of America a $108 million settlement to refund consumers who had mortgages serviced by Countrywide Home Loans and BAC Home Loans Servicing, which formerly did business as Countrywide Home Loans Servicing

Read Full Article: FTC wins Countrywide settlement, but celebrates too early