FTC: Countrywide borrowers to get $108 million in refunds.

NEW YORK (CNNMoney) — Borrowers who were overcharged by Countrywide Financial more than three years ago are finally going to get what’s due to them.

The Federal Trade Commission said Wednesday that, as a result of a settlement reached with the mortgage lender more than a year ago, it is sending out checks totalling nearly $108 million to more than 450,000 former Countrywide borrowers.

The compensation was for overcharges made before the failing company was acquired by Bank of America (BAC, Fortune 500) in 2008.


Getting a refund always makes me happy.  That’s probably why this article caught my eye in the first place.  This series of writings is concerned with saving money on an activity almost every one of us does in our life- sometimes again and again- buying/selling a house!  We will deal with far more topics than we can even list here.  You may be the type to hire the snootiest boutique Realtors, or the type to sell your own house For-Sale-By-Owner (FSBO) with a Flat-Fee MLS Service.  Either way, after almost thirty years of practice, I hope I can bring some info to the table, and I’ll try to contain my sense of humor so fewer of you will irritated.

I do look forward to your participation.  What do you think about the whole Countrywide situation?  Are you indignant or just jealous?  Just make your comments here, or you can reach the Dean of Graduated Realtors at www.FSBO-GUY.com or “like” him at http://www.facebook.com/pages/Martin-Properties/260187704028