Over 450,000 expecting checks from Countrywide settlement

Story from The Takeaway. Listen to audio above for full report.

Hundreds of thousands of homeowners who took out loans with Countrywide, and were overcharged for their loans when they fell behind on their payments can expect some money back soon. It’s taken over a year for the Federal Trade Commission to figure out who will get parts of a $108 million settlement reached last summer with Countrywide. Countrywide will begin mailing checks today. Wells Fargo, the largest U.S. home lender, has also agreed to a steep fine of $85 million, for roping borrowers into costlier-than-necessary loans.

Countrywide borrower Rochelle Gear believes she was unfairly overcharged when she couldn’t make payments on her Atlanta condo. She now hopes she is eligible for the settlement payment.

> Read more about Countrywide settlement.
> Read more about Wells Fargo settlement.

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“The Takeaway” is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what’s ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.