Page 14 - Bank of America E Case Study
P. 14
The result was that as part of the legal settlement BofA
was required to spend $335 million to compensate
victims of Countrywide’s discriminatory lending practices.
Between 1, 2008, when the deal officially closed, and
August 2014 BofA’s mortgage business lost $52.7 billion.
“This number included settlements, payments to
investors for soured loans, accounting writedowns, and
operating losses and profits. The rest of the bank made
about $75 billion over the same period.” (26)
