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Bank of America Settles Countrywide Bias Case with $335M Fine

HeadlineDec 22, 2011

Bank of America has agreed to pay a $335 million settlement over allegations its Countrywide Financial division discriminated against black and Hispanic borrowers. The Justice Department says the settlement is the largest of its kind in history. Investigators found Countrywide charged higher rates to more than 200,000 people of color compared to white borrowers with similar credit. It also found Countrywide directed more than 10,000 minorities toward more expensive subprime mortgages, while giving white borrowers with similar credit regular loans.

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