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December 22, 2011

Bank of America Settles Countrywide Bias Case With $335M Fine 
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Bank of America has agreed to pay a $335 million dollar settlement over
allegations its Countrywide Financial division discriminated against
black and Hispanic borrowers. The Justice Department says the settlement
is the largest of its kind in history. Investigators found Countrywide
charged higher rates to more than 200,000 people of color compared to
white borrowers with similar credit. It also found Countrywide directed
more than 10,000 minorities toward more expensive subprime mortgages,
while giving white borrowers with similar credit regular loans.



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