Bank of America will pay $108 million to settle federal charges of collecting outsized fees from borrowers facing foreclosure.

The settlement was announced Monday by the Federal Trade Commission, and will refund money to more than 200,000 borrowers. It is the largest mortgage industry settlement in the agencies history. Jon liebowitz, chairman of the FTC, accused Bank of America's subsidiary, Countrywide Financial Corp., of "callous conduct, which took advantage of consumers already at the end of their financial rope."

Bank of America, which did not admit or deny the charges, said it agreed to the settlement to "avoid the expense and distraction associated with litigating the case."

According to the FTC, Countrywide charged borrowers who were behind on their mortgages with fees of several thousand dollars at times. The fees were listed for services like property inspections and landscaping and far exceeded market rates. 

The Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. want you to know that, as a homeowner, you do have the power to negotiate with your bank. If you are facing the foreclosure of your home due to late mortgage payments, Chaifetz & Coyle, P.C. can help. To speak with an experienced Maryland mortgage modification attorney, call 443-546-4608 today.