{"id":5251,"date":"2011-12-21T00:00:00","date_gmt":"2011-12-21T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/12\/bank_of_america_to_pay_335m_to"},"modified":"2022-04-14T14:45:46","modified_gmt":"2022-04-14T19:45:46","slug":"bank-of-america-to-pay-335m-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-of-america-to-pay-335m-to\/","title":{"rendered":"Bank of America to Pay $335M to Countrywide Financial Corp. Borrowers Over Allegedly Discriminating Lending Practices"},"content":{"rendered":"

Bank of America Corp. <\/a>has agreed to a record $335 million settlement to pay back Countrywide Financial Corp. borrowers who were billed more for loans because of their nationality and race, while creditworthiness and other objective criteria took a back seat. All borrowers that were discriminated against qualified to receive mortgage loans under Countrywide\u2019s own underwriting standards.<\/p>\n

The settlement is larger than any past fair-lending settlements (totaling $30M) that the US Justice Department has been able to obtain to date. Countrywide was acquired by Bank of America in 2008.<\/p>\n

According to the Justice Department, Countrywide charged higher fees and interest rates to over 200,000 Hispanic and black borrowers while directing minorities to more costly subprime mortgages despite the fact that they qualified for prime loans. Meantime, the latter were given to non-Hispanic white borrowers who had similar credit profiles.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bank of America Corp. has agreed to a record $335 million settlement to pay back Countrywide Financial Corp. borrowers who were billed more for loans because of their nationality and race, while creditworthiness and other objective criteria took a back seat. All borrowers that were discriminated against qualified to receive mortgage loans under Countrywide\u2019s own […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3868,3752,3864],"tags":[],"class_list":["post-5251","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-countrywide-financial","category-financial-firms","category-subprime-mortgage"],"yoast_head":"\nBank of America to Pay $335M to Countrywide Financial Corp. 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