Bank of America – now the second largest bank in the country – today agreed to pay $335 million to resolve allegations that its Countrywide unit discriminated against qualified African-American and Hispanic borrowers.
The settlement, the largest of its type, must still be approved by a federal judge.
The violations took place from 2004 through 2007. Countrywide was purchased by Bank of America a year later, in 2008.
The Department of Justice said the money will be used to compensate victims. Further details were not immediately available.
About 200,000 consumers were cheated with higher fees and higher interest rates solely because of their race or national origin, the justice department said, adding that the victims were in 41 states and in Washington D.C.
I was one of the people who purchased a home at that time and as a result is having a hard time getting back on my feet. However amount of monies are to be distributed, I certainly need and deserve it. Please get back to me as soon as possible.