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Huge Settlement Over Countrywide Discrimination

Bank of America to pay $335 to settle charges of lending discrimination

Dec. 21, 2011


Alleged lending discrimination at Countrywide Financial Corp. will cost Bank of America Corp. more than $300 million.

Countrywide is accused of charging higher rates and fees to black and Latino borrowers than similarly qualified white borrowers.

BofA sought to distance itself from such alleged practices by clarifying that they occurred before it acquired Countrywide.


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