(Miami Herald) In the largest residential fair-lending settlement in history, the Bank of America Corp. has agreed to pay $335 million to settle allegations that its Countrywide Financial Corp. unit discriminated against minority homebuyers, the U.S. Department of Justice announced Wednesday.
The agreement resolves a civil complaint that the mortgage lender charged black and Hispanic borrowers higher fees and steered them into costlier mortgages than other buyers from 2004 to 2008, a period when the company originated millions of home loans.
It also marks Charlotte, N.C.-based Bank of America’s latest step to move past the mortgage-related troubles that have pummeled its bottom line and stock price since acquiring Countrywide in 2008.
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Read more here: http://www.miamiherald.com/2011/12/21/2557511/bofa-settles-loans-bias-case-335m.html#storylink=cpy
In the largest residential fair-lending settlement in history, the Bank of America Corp. has agreed to pay $335 million to settle allegations that its Countrywide Financial Corp. unit discriminated against minority homebuyers, the U.S. Department of Justice announced Wednesday.The agreement resolves a civil complaint that the mortgage lender charged black and Hispanic borrowers higher fees and steered them into costlier mortgages than other buyers from 2004 to 2008, a period when the company originated millions of home loans.It also marks Charlotte, N.C.-based Bank of America’s latest step to move past the mortgage-related troubles that have pummeled its bottom line and stock price since acquiring Countrywide in 2008.
Read more here: http://www.miamiherald.com/2011/12/21/2557511/bofa-settles-loans-bias-case-335m.html#storylink=cpy
In the largest residential fair-lending settlement in history, the Bank of America Corp. has agreed to pay $335 million to settle allegations that its Countrywide Financial Corp. unit discriminated against minority homebuyers, the U.S. Department of Justice announced Wednesday.The agreement resolves a civil complaint that the mortgage lender charged black and Hispanic borrowers higher fees and steered them into costlier mortgages than other buyers from 2004 to 2008, a period when the company originated millions of home loans.It also marks Charlotte, N.C.-based Bank of America’s latest step to move past the mortgage-related troubles that have pummeled its bottom line and stock price since acquiring Countrywide in 2008.
Read more here: http://www.miamiherald.com/2011/12/21/2557511/bofa-settles-loans-bias-case-335m.html#storylink=cpy
