Bank of America will pay $335 million to settle federal claims that its Countrywide unit discriminated against minority borrowers, Justice Department officials announced.
Attorney General Eric Holder said a federal probe found discrimination against 200,000 qualified African-American and Hispanic borrowers from 2004 to 2008 during the height of the housing market boom. He said minority borrowers who qualified for prime loans were steered into higher interest rate subprime loans.
Bank of America purchased Countrywide in 2008 for $4 billion in a deal that made the bank the nation's leading mortgage lender at the time. The deal closed in July 2008 ahead of the meltdown in financial markets that fall.
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