Attorney General Eric Holder said a federal probe found discrimination against 200,000 qualified African-American and Hispanic borrowers from 2004 to 2008. Minority borrowers who qualified for prime loans were steered into higher interest subprime loans.
Bank of America purchased Countrywide in 2008 for $4 billion in a deal that made the bank the nation’s leading mortgage lender. The deal closed ahead of the meltdown that fall.
- $335M Settlement Over Countrywide
- Bank of America settles discrimination allegations for $335 million
- BofA in $335M settlement over Countrywide loans