Bank of America Pays $108 Million Fine for Troublemaking Countrywide

By
Persimmon-colored former Countrywide CEO Angelo Mozilo.
Persimmon-colored former Countrywide CEO Angelo Mozilo. Photo: Getty Images

Bank of America is still paying for former CEO Ken Lewis's 2008 acquisition of generally despicable mortgage lender Countrywide, which it purchased for $4.1 billion after a $2 billion cash injection failed to keep it afloat. The bank has agreed to pay $108 million to settle federal charges that Countrywide collected thousands of dollars in trumped-up fees (like for "landscaping" and "property inspection") from borrowers facing foreclosure. [NYT]