Investigation and pending class action against Countrywide Home Loans, a wholly owned subsidiary of Countrywide Financial Corporation, to recover costs, fees and expenses improperly collected by Countrywide in the enforcement and foreclosure process.
The investigation and pending class action lawsuit is based upon Countrywide's conduct in overcharging and/or directing the overcharging for costs and expenses, including attorneys' fees, in connection with enforcement of certain mortgage instruments between February 15, 2002 through and including the present. Specifically, Countrywide collected and continues to collect improper costs, fees and expenses, including attorneys' fees, in excess of the amounts actually incurred or that were obligated to be paid by Countrywide in connection with enforcement and foreclosure proceedings. Under the mortgage agreement, Countrywide is necessarily limited to its actual costs, fees and expenses that were actually incurred or obligated to be paid in connection with any enforcement proceedings. However, Countrywide has been charging attorneys' fees that have not been incurred in addition to such things as clerk filing fees, service of process fees, statutory clerk fees, late charges, delinquency fees, appraisal fees, recording fees, unspecified foreclosure fees and costs, administrative fees, escrow fees, and interest charges. Often, these charged fees and expenses were not actually incurred by Countrywide and/or were incurred at lesser amounts than were billed.
Name (Stock Symbol)
Countrywide Financial Corporation
Countrywide Financial Corporation originates, services and resells home loans. It is owned by Bank of America.
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