The United State Department of Justice filed a claim on Wednesday with the Central District court of California and is awaiting court approval. Consequently, the DOJ has labeled this as the largest settlement in history concerning residential fair lending practices.
Lender Countrywide owned by Bank of America charged over 200,000 African-American and Hispanic borrowers higher fees and interest rates than non-Hispanic white borrowers with a similar credit profile. The complaint says that these borrowers were charged higher fees and rates because of their race or national origin rather than any other objective criteria.
Read full article here: http://www.atoast2wealth.com/2011/12/26/minority-borrowers-to-claim-335-milli...
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