Attorney General Eric Holder said a federal probe found discrimination against 200,000 qualified African-American and Hispanic borrowers from 2004 to 2008 during the height of the housing market boom. He said minority borrowers who qualified for prime loans were steered into higher interest rate subprime loans.
Bank of America purchased Countrywide in 2008 for $4 billion in a deal that made the bank the nation’s leading mortgage lender at the time. The deal closed in July 2008 ahead of the meltdown in financial markets that fall.
- $335M Settlement Over Countrywide (abcnews.go.com)
- Countrywide Settlement: Bank of America to Pay $335 Million over Discriminatory Subprime Loans (blippitt.com)
- Bank of America settles discrimination allegations for $335 million (thegrio.com)
- BofA in $335M settlement over Countrywide loans (sfgate.com)
- BofA in $335M settlement over Countrywide loans (seattlepi.com)
- Bank of America settles discrimination suit for $335M (cbsnews.com)
- US Settlement Reported on Countrywide Lending – New York Times (nytimes.com)
- BoA to pay $335M in mortgage discrimination case (business.financialpost.com)
- Bank of America close to settling with DOJ (seattletimes.nwsource.com)
- BofA settles unfair lending claims for $335 million (money.cnn.com)