Tags: US | Bank | of | America | DOJ | Settlement

BofA in $335M Settlement over Countrywide Loans

Wednesday, 21 Dec 2011 05:07 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Bank of America has agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers.

The settlement with the U.S. Justice Department was filed Tuesday with the Central District court of California and is subject to court approval. The DOJ says it's the largest settlement in history over residential fair lending practices.

Charlotte, N.C.-based Bank of America Corp. bought the nation's largest subprime lender, Countrywide Financial Corp., in 2008.

The settlement amount will be used to compensate victims of Countrywide's discriminatory mortgage loans from 2004 through 2007.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Newt: What Would Reagan Do to ISIS?

Saturday, 30 Aug 2014 13:04 PM

Instead of merely criticizing President Barack Obama's lack of an effective national security policy, it might be helpfu . . .

McCain, Graham: President's Lack of ISIS Strategy Startling and Dangerous

Saturday, 30 Aug 2014 12:42 PM

President Barack Obama's admission that he has no strategy for dealing with the Islamic State (ISIS) is not only startli . . .

Obama May Delay Immigration Action Until After Midterms

Saturday, 30 Aug 2014 11:12 AM

President Barack Obama may delay executive action on immigration until after the November midterm elections as Democrats . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved