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Bank of America to Settle Discrimination Complaint for $335 Million |
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 on Dec. 21. It’s the largest residential fair-lending settlement in history. 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-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. Click here to read more.
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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 on Dec. 21. It’s the largest residential fair-lending settlement in history. 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-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.