Bank of America Pays $335 Million Settlement for Racial Discrimination and Financial Misconduct

Bank of America has agreed to pay $335 million over allegations that Countrywide Financial, a lending institution that BOA now owns, discriminated against black and Latino mortgage borrowers between 2004 and 2007. Although these minority groups were eligible for low-interest loans, Countrywide gave them sub-prime loans instead, contributing to the housing crisis of 2008. Earl Hutchinson of theGrio.com discusses why Countrywide should be held accountable for its financial misconduct.

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