Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Bank of America has agreed to pay $335 million to settle charges that Countrywide Financial Corp. and its subsidiary discriminated against more than 200,000 African-American and Hispanic borrowers by charging them higher fees and interest rates on mortgage loans made from 2004 through 2008.In a complaint filed Wednesday in conjunction with the proposed settlement, the U.S. Department of Justice alleged that Countrywide allowed its loan officers and mortgage brokers to vary a loan's interest rate and other fees.This "subjective and unguided pricing discretion" resulted in minority borrowers paying more, the Justice Department said in announcing the settlement agreement -- its largest ever involving fair lending.In 2007, for example, a qualified African-American borrower in Los Ang...