BofA To Pay $335M In Countrywide Discrimination Deal

Law360, New York (December 21, 2011, 4:40 PM EST) -- Bank of America Corp. on Wednesday agreed to pay $335 million to settle claims that Countrywide Financial Corp. discriminated against African-American and Hispanic borrowers during the height of the housing boom, marking the largest fair-lending settlement in history.

According to a complaint filed by the U.S. Department of Justice in Los Angeles, Countrywide forced over 200,000 African-American and Hispanic borrowers to pay higher fees and interest rates than non-Hispanic white borrowers between 2004 and 2008 across 41 states and the District of Columbia.

The company, which...
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