21 Dec 2011
Bank of America...will spend $335 million to resolve the largest-ever fair lending suit over allegations that [its subsidiary] Countrywide Financial systematically discriminated against qualified black and Hispanic borrowers…The complaint…said Countrywide charged African American and Hispanic borrowers higher fees and interest rates…The higher fees, according to DOJ, were charged based on race or national origin and not the borrower’s credit worthiness…Dan Frahm, a Bank of America spokesman, said in a statement that Countrywide's practices occurred before Bank of America purchased the company. “We are committed to fair and equal treatment of all our customers, and will continue to focus on doing what’s right for our customers, clients and communities," Frahm said.
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