Sarah Mirando  |  December 23, 2011

Category: Legal News

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BofA Reaches $335M Settlement in Countrywide Lending Discrimination Lawsuit

By Matt O’Donnell

 

CountrywideBank of America has agreed to pay a historic $335 million to resolve a discrimination lawsuit that accuses its Countrywide unit of engaging in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers.
 
The Countrywide lending discrimination settlement is largest settlement ever reached over residential fair lending practices, the Justice Department announced. The settlement amount will be used to compensate victims of Countrywide’s discriminatory mortgage loans from 2004 through 2007.
 
The Countrywide lending discrimination lawsuit was originally filed in 2010 by Illinois Attorney General Lisa Madigan’s office, which accused Countrywide of consistently selling African-American and Hispanic borrowers riskier loans at a higher cost than it sold to white borrowers with similar credit.
 
Madigan said in a statement that the settlement upholds American principals of justice and fairness, and that people’s access to credit, and the terms of their credit, should be determined on an equal basis, not on the basis of the color of their skin.
 
The Countrywide lending discrimination settlement is still subject to court approval.

 

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Updated December 23rd, 2011

 

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13 thoughts onBofA Reaches $335M Settlement in Countrywide Lending Discrimination Lawsuit

  1. Sonia Rodriguez says:

    Please add me to this lawsuit. My husband was tricked and was affected. They took away his house without any loan modification or any help. Raised his payment like sky rocketed when there was an agreement. And actually gave my husbands information to someone else. They even admitted it to us. Saying a worker had gave out my husbands personal information to god knows who. We need help please! Someone gots to give us answers

  2. Sonia Rodriguez says:

    Please add me to this lawsuit. My husband was tricked and was affected. They took away his house without any loan modification or any help. Raised his payment like sky rocketed when there was an agreement. And actually gave my husbands information to someone else. They even admitted it to us. Saying a worker had gave out my husbands personal information to god knows who. We need help please

  3. J. LOGAN says:

    Please add me to this lawsuit. For years I tried to be added to.this suit. I was directly affected and got no information while being on military duty. I had to refinance my loan and lost 8 years of payments even though I had excellent credit. Please contact me because I am underwater and preparing myself to get rid of the house.

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