Nightly News | December 21, 2011
BofA to pay $335 million in Countrywide settlement
The Justice Department announced Wednesday it has settled lending discrimination charges against the defunct mortgage lender Countrywide, which steered black and Hispanic customers into more expensive subprime loans, even when they qualified for prime mortgages. NBC’s Brian Williams reports.
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This content comes from Closed Captioning that was broadcast along with this program.
>>> the justice department has settled lending discrimination charges against countrywide which steered black and hispanic customers into subprime loans even when they qualified for prime mortgages. then they charged higher fees and rates to more than 200,000 minority borrowers. bank of america which took over countrywide in 2008 will now pay $335 million in a settlement. the largest ever for a case like this.