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

BofA in $335M Settlement over Countrywide Loans

Wednesday, 21 Dec 2011 05:07 PM

 

  Comment  |
   Contact  |
  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 This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  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:
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

Twitter to Track Which Apps Its Users Have

Wednesday, 26 Nov 2014 22:22 PM

If you use Twitter on your cellphone, the social media site will soon begin tracking which apps you use unless you activ . . .

Harry Reid: 'We Sure Do Like' Pope Francis

Wednesday, 26 Nov 2014 22:09 PM

Senate Majority Leader Harry Reid, a Mormon, says he's an unabashed fan of Roman Catholic Pope Francis. . . .

EU Presses Google for Global 'Right to Be Forgotten'

Wednesday, 26 Nov 2014 21:36 PM

The European Union is pressing tech giant Google to expand the right to be forgotten to all its search tools.
A r . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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