BAC-ing up orders with enforcement

It may look like just another legal document, but for American consumers, one of the most powerful tools for protecting their interests is within the four corners of an FTC settlement order. Orders typically stop companies from engaging in the activities the FTC alleges are illegal, but they don’t end there.  Orders also put provisions in place to change the way companies do business going forward.  And as the FTC’s multi-million dollar settlement with Bank of America subsidiary BAC Home Loans Servicing shows, non-compliance can be costly.

The story starts with an earlier FTC law enforcement action against mortgage giant Countrywide, which was later acquired by Bank of America.  That 2010 settlement required the company to pay a record $108 million to reimburse homeowners for deceptive practices related to mortgage servicing.  According to the FTC, among other things, the company overcharged already cash-strapped consumers for services like property inspections, maintenance services, title searches, and foreclosure trustee services.  An administrator working for the FTC has mailed 450,177 refund checks to people who were harmed by Countrywide’s practices.

But refunds were just part of the settlement story.  The order also prohibited BAC Home Loans from charging more than a reasonable fee for default-related services, and it required the company to clearly disclose default-related fees on its website.  The FTC alleges that despite the 2010 settlement, the Bank of America subsidiary charged many homeowners fees for default-related services that were illegal or not authorized under their loan documents.  According to the FTC, the company also charged fees for title services that were much higher than the maximum $500 disclosed on the company’s site.  To resolve these new allegations, BAC Home Loans will pay an $8 million judgment.  That’s on top of $28 million in allegedly improper fees it has already refunded. To satisfy the $8 million judgment, BAC Home Loans has to prove they have reversed or refunded all of the improperly assessed fees — or must reverse or refund the charges within 180 days.

The company agreed to the FTC settlement in conjunction with a $25 billion Global Civil Settlement that Bank of America and four other U.S. banks reached with the Department of Justice and state attorneys general to resolve allegations of illegal foreclosure practices.  (Find out more about this historic action at

Two compliance messages for companies:   First, challenging illegal practices aimed at people in financial distress remains a top FTC priority.  When it comes to protecting those consumers, businesses need to know that the FTC means business.  Second, how seriously does the Commission take order enforcement?  Big-time seriously.

What do homeowners need to know?  Law enforcers have your back.  Get more info about the FTC’s refund program at  Visit to find out what the Financial Fraud Enforcement Task Force — of which the FTC is a member — is doing to protect consumers.


Bank of America obviously does not think much of the FTC and at this point neither do the American people. The Financial Protection Bureau data base has over 15,000 consumer complaints, based on the consumers belief that the subject was criminal wrong doing, not a consumer complaint to the bank, but to the federal goverment. In response Bank of America fraudently publicly stated that 98% of those complaints were closed sic resolved. Ihe FPB involvment, sending one letter from the consumer to the bank and allowing a dispute to be submitted but never reviewed does a great dis-service to those still trying to fight the B of A crime family. Although the FPB should not become involved if they do not intend to follow through some good can still come of the database if the FTC is proactive. We dont have much hope.

Any claims or allegations I may make can and will be supported by documented evidence and verification.My home bought 10/2006,is a blueprint of the abuse and misconduct,of these mortgage servicers and banks steal houses from innocent homeowners,but I fact a huge effort by several federal entities such as FDIC.members such as TD bank who between 2010 as recent as 1/2015.while the account had been closed since 11/2014.has withdrawn tens of thousands of dollars of illegal overdraft fees from my personal checking account,after moving to citizens bank for a short time,I began to see a patern of double ATM cash well as forged direct deposit authorization forms,which when I inquired about it,and requested a copy,I was told they don't hold on to the autherization well in 11/ Fidelty 401k retirement account was raided to appearantly pay back the investment groups and banks that since 7/2013.Nationstar mortgage allegedly by transfer from Bank of America,one of many bold lies being passed off as legal standing record,by our county's legal record keepers,has effectively with help of federal,and local government,have violated my civil rights as well as the rights of a huge portion of the million plus home owners who are being targeted for discrimanation,do to the profiled use of there mortgage loan information,A brief overview of my mortgage history as follows,I bought my home10/ loan origanator was Equifirst,it was subprime self insured and an inflated appraisal,serviced by Ocwen til,10/2008,refinanced to origanated by First Mutual Corp.n.j.serviced by countrywide,approx.4 months then as told to me transferred to Bank of America.after several insisting phone calls and letters from First Mutual agreed to what was presented as a simple stream line mortgage and would require no closing fees,appraisals and existing escrow account,which I paid approx.$11,000 closing fee and established escrow account of $ the 10/ is my belief and by show and proof of evidence that on Oct.23,2009,and by way of the United States patriot act.First Mutual corp.Bank of America,MERS,and the FHA.stole my identity for the purpose of committing insurance and loan fraud.BOA.continued to collect payments under the 2008 loan,and to give the appearance of clean hand in regard to the 2009 loan,there was never any true right to the loan,and the loan went from MERS,to Nationstar who was the first company to collect a payment from me on that loan,in 6/2013.though the origanation date was 10/2009.this is not what our county record keepers would lead us to believe.I'll soon be requesting an audit of my taxs to see how the IRS was able to track the correct property information,since all mortgage payments,closing fees,loan audit,and legal fees,my current investment in this property is approx.$200,000.with approx.estimated $50,000,loss do to member FDIC.misconduct,my investment is no less important then any investor who received compensation for the decieptful misrepresentations of these lending institutions,who to spite numerous lawsuits to make it right,myself,my family,and my investment,are overlooked as if we do not exist.My investment at this point is no longer my concern,more over my rights as a United States citizen have been violated,not only by the ignorance of those who have been granted there authority be the people of our nation,but as evidence shows there participation,and targeting in benefit to these acts.these rights by pledge of allegiance I will never surrender,and find unexceptable,and currently leaves not one sitting chair in congress above question.that being said and in observation of my first amendment right which we will looking to see quickly restored in full,my story,information,and all supporting information,along with dozens of other examples to show this patern of discrimanation,that not only ravaged the life's and futures of good honest American home owners and there families,but crumble a belief and creed ingrained in the heart and soul of every American,that these rights are far more a responsablity then a privalage,and in fact left in our care not to be comprimised,nor allow benefit to one American,then with held,to allow abuse to another.This lak of concern and overall ignorance be authority,these condemnations and responsablity of there overall rectification,will have to be made available for public review,and opinion.

I had a countrywide morgage and later was bank of america and never heard anything so that tells me that the government and these banks are working together,the goverment wins the homeowner loses!

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