Bank of America to pay $335M to settle claims of unfair loans

Bank of America agreed Wednesday to pay $335 million to settle federal claims that its Countrywide Financial unit charged black and Hispanic borrowers higher mortgage fees in the lead up to the financial crisis and steered them into riskier loans than their white counterparts.

Obama administration officials said the settlement, the largest ever for fair-lending claims, came after investigators reviewed more than 2.5 million home loans originated by Countrywide during the housing boom.

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Felicia Sonmez, William Branigin 22 Dec, 2011

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