Thursday, December 22, 2011
Bank of America
Bank of America has agreed to pay $335 million, yes a third of a billion dollars, to settle claims that its Countrywide unit engaged in systematic discrimination. It is alleged that Countrywide steered minority customers to subprime loan products based only on their minority status. This resulted in much higher costs and interest rates than Countrywide's non-minority customers enjoyed. How can something like this even happen in the 21st century?