Countrywide reaches fair-lending agreement with N.Y. attorney general

Countrywide Home Loans Inc. will compensate minority borrowers who were allegedly given high-cost loans and implement a $3 million consumer education program as part of an agreement with the New York attorney general's office.

Attorney General Eliot Spitzer launched inquiries into the lending practices of several banks last year, citing data lenders provide to federal regulators as evidence that black and Latino customers were more likely to receive higher-cost loans.

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