Industry NewsMortgage

BofA settles Countrywide discrimination charges for $335M

Agreement with DOJ also addresses treatment of married borrowers
Published on Dec 21, 2011

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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.

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