The Federal Trade Commission began sending out checks to 450,177 homeowners it said were charged excessive fees by Countrywide Home Loans beginning in 2005. The reimbursements, totaling $108 million, are part of a settlement between Countrywide—now owned by Bank of America—and the FTC.

Agency chairman Jon Leibowitz termed Countrywide's fee charges "unconscionable," but neither Countrywide nor its now-parent BOA admitted any wrongdoing. "Bank of America agreed to this settlement to avoid the expense and distraction associated with litigating the case," BOA spokesman Rick Simon said.

In an unrelated action, the Federal Reserve Board tagged Wells Fargo with an $85 million civil penalty over allegations that company employees, from 2004 to 2009, exaggerated income information on some mortgage applications and improperly steered some borrowers into higher-interest-rate subprime loans. According to Fed estimates, more than 10,000 people may be owed money, in amounts ranging from less than $1,000 to more than $20,000.