BofA to Pay $335M in Housing Bias Case

Bank of America agreed to pay a record $335 million fine Wednesday to settle civil charges that its Countrywide Financial unit discriminated against African-Americans and Hispanics by charging them higher interest and fees than white borrowers. The settlement covers a 2004 to 2008 period, before BofA bought Countrywide for $4 billion during the financial crisis. Attorney General Eric Holder said the Justice Department’s investigation of the subprime lending giant found that discrimination occurred across 41 states and Washington D.C. Bank of America's acquisition of Countrywide has already cost the bank tens of billions in legal settlements and losses, The Wall Street Journal reported.

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