Settlement Q & A's
What's this case about?
According to the FTC, Countrywide used unlawful practices in servicing homeowners' mortgages. The company allegedly:
- charged excessive fees for default-related services like property inspections
- made claims about amounts owed by homeowners in bankruptcy that were false or couldn't be backed up; and
- didn't tell people going through bankruptcy when new fees or charges were being added to their loans.
The FTC settlement includes a $108 million consumer redress fund. Countrywide also agreed to stop the illegal servicing practices and make major changes to its business practices.
What if I move?
If you have moved, please submit your change of address in writing to:
FTC v. Countrywide Home Loans, Inc.
c/o Gilardi & Co. LLC
PO Box 808054
Petaluma CA 94975-8054
Or you may email the Redress Program Administrator at:
You must include your property address and mailing address.
We also recommend that you contact your local Post Office, or visit www.usps.com, to submit a change of address form. Before the FTC mails refunds, we update our records using the U.S. Postal Service's National Change of Address system.
Who is Gilardi & Co.?
Gilardi & Co. is the Redress Program Administrator. They are administering the settlement for the FTC. The toll-free number for Gilardi is 888-230-3196.
If I accept a refund, will it affect my loan? Should I stop making payments on my loan?
Your loan obligations aren't affected by the settlement. Continue to make your monthly loan payments.
Where can I find out more?
There's free information about mortgages and other consumer credit issues at www.ftc.gov/moneymatters.