Thursday, December 22, 2011

WSJ: BofA Settles Lending Case

The Wall Street Journal Dec 22 2011, p. C1

[Excerpted] "Bank of America Corp will pay $355 million to settle allegations that its Countrywide Financial Corp. unit discriminated against black and Hispanic borrowers, in the largest residential fair-lending settlement in history.

The agreement, announced on Wednesday, involves more than 210,000 minority borrowers who were charged higher fees or who could have qualified for a prime mortgage, one offered to borrowers with the best credit history, but were instead were steered into subprime loans..."

Majia here: I hope the settlement goes to those 210,000 borrowers that were gouged by Countrywide. The article does state that the Justice Dept will send out checks...

No comments:

Post a Comment