|
Indicator: Key Measure 1.2.1
[Quantitative::Outcome]
Measurements in/of All cases filed by the FTC that were successfully resolved through litigation, a settlement, or issuance
of a default judgment.
Relationships:
Other Information:
PERFORMANCE HIGHLIGHTS Two Countrywide mortgage servicing companies in May 2010 agreed to pay $108 million to settle FTC charges
that they collected excessive fees from cash-strapped borrowers who were struggling to keep their homes. The $108 million
represents one of the largest judgments imposed in an FTC case, and the largest mortgage servicing case. It will be used to
reimburse overcharged homeowners whose loans were serviced by Countrywide before it was acquired by Bank of America in July
2008. According to the complaint filed by the FTC, Countrywide’s loan-servicing operation deceived homeowners who were behind
on their mortgage payments into paying inflated fees—fees that could add up to hundreds or even thousands of dollars. Many
of the homeowners had taken out loans originated or funded by Countrywide’s lending arm, including subprime or “nontraditional”
mortgages, such as payment option adjustable rate mortgages, interest-only mortgages, and loans made with little or no income
or asset documentation, the complaint states.
| Type |
Target |
Target |
Target |
Actual |
Target |
Actual |
Target |
Actual |
Target |
Target |
| StartDate |
2005-10-01 |
2006-10-01 |
2007-10-01 |
2007-10-01 |
2008-10-01 |
2008-10-01 |
2009-10-01 |
2009-10-01 |
2010-10-01 |
2011-10-01 |
| EndDate |
2006-09-30 |
2007-09-30 |
2008-09-30 |
2008-09-30 |
2009-09-30 |
2009-09-30 |
2010-09-30 |
2010-09-30 |
2011-09-30 |
2012-09-30 |
| Percentage |
|
|
|
|
|
|
85 |
99.2 |
85 |
85 |
| Description |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
75.0–85.0% of cases |
Target exceeded. Of the 130 cases resolved in FY 2010, 129 were successfully resolved and one case was dismissed. At the end
of FY 2010, an additional 78 cases had not been resolved, and remained in litigation. While the agency significantly exceeded
the target, the target will not be increased. Setting the target too high could have the effect of discouraging the filing
of large, difficult, or precedent-setting cases when appropriate, including cases that raise challenging legal and factual
issues. Data Source: LexisNexis CourtLink, the Public Access to Court Electronic Records service, the FTC website, and agency,
bureau, division, and regional office reports.
|
75.0–85.0% |
75.0–85.0% |
|
