"Sub-prime mortgage lender GMAC-RFC has been fined £2.8m for mistreating mortgage customers who fell into arrears and ordered to pay them up to £7.7m in compensation. The Financial Services Authority (FSA) has doled out one of its biggest ever fines to the US-owned company for its treatment of customers who had fallen behind on mortgage repayments or were going through repossession. About 46,000 customers who were charged "specific excessive and unfair charges" between November 2004 and the end of August this year will receive letters from the lender offering them compensation. GMAC withdrew from the mortgage market in May last year but still has many borrowers on its books." - Steven Perez from Bookmarklet