Bank of America is paying $108 million to settle federal charges that Countrywide Financial Corp., which it acquired nearly two years ago, collected outsized fees from about 200,000 borrowers facing foreclosure.
The Federal Trade Commission says the money will be used to reimburse borrowers.
Bank of America purchased Countrywide in July 2008.
The FTC says Countrywide charged about 200,000 borrowers who were behind on their mortgages fees adding up to hundreds or thousands of dollars. The fees were for services like property inspections and landscaping.
© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.