Page 18 - Bank of America E Teaching Note
P. 18
The huge settlement, in what was a high-profile mortgage
discrimination case against against Countrywide
Financial, begs the question ‘Why did BofA not take
cognisance of this situation before buying Countrywide?’.
• Bank of America bought Countrywide in 2008
• Countrywide discriminated against African-
American and Hispanic.
BofA / Countrywide
Financial
More than 200,000
African-American
and Hispanic Countrywide’s racist
borrowers who lending practices will
qualified for loans cost BofA $335
were charged higher million
fees or placed into
sub-prime loans
On December 21, 2011, Bank of America settled a Justice
Department complaint alleging racial discrimination in
mortgage lending by its Countrywide subsidiary.
