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Wednesday, December 21, 2011

Bank of America to settle with feds over bias case

Posted By on Wed, Dec 21, 2011 at 4:05 PM

  • I-5 Design and Manufacture

Between ad-pulling from a TV show about Muslim families to bias settlements with minority homebuyers, Charlotte-area companies have been hitting the bigot lottery lately.


Bank of America Corp's Countrywide Financial unit agreed on Wednesday to pay a record $335 million to settle civil charges that it discriminated against minority homebuyers, a historic settlement for the Obama administration in the wake of the subprime mortgage morass.


The settlement covers conduct between 2004 and 2008 before the acquisition by Bank of America, and involves a range of alleged wrongdoing including charging African-Americans and Hispanics higher interest rates and fees and steering some to more expensive subprime mortgages.

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