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BofA’s Countrywide settles lending discrimination case

Agreement marks largest lending settlement in history

The Department of Justice (DOJ) announced yesterday that it has reached a settlement with Bank of America (BofA) over charges that Countrywide Financial, which BofA purchased in 2008, discriminated against certain borrowers during the housing boom. The $335 million agreement marks the largest fair-lending settlement in the country’s history, the DOJ said.

“The Department of Justice today filed its largest residential fair lending settlement in history to resolve allegations that Countrywide Financial Corporation and its subsidiaries engaged in a widespread pattern or practice of discrimination against qualified African-American and Hispanic borrowers in their mortgage lending from 2004 through 2008,” the Justice Department said in a Dec. 21 statement.


Cathleen Flahardy

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