DOJ Defends $335M BofA Deal To Skeptical Sens.

Law360, New York (March 7, 2012, 1:24 PM EST) -- A top U.S. Department of Justice official on Wednesday defended a $335 million agreement with Bank of America Corp. to settle allegations that Countrywide Financial Corp. discriminated against African-American and Latino borrowers, after lawmakers charged that the payment was not large enough.

Assistant Attorney General Thomas E. Perez, head of the DOJ's Civil Rights Division, told senators that while the December settlement with Bank of America would only result in an average of $1,700 to $2,000 for each victim of Countrywide's alleged discriminatory practices, those who...
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