Bank of America has agreed to pay $335 million to settle allegations that Countrywide Financial Corp., which it purchased in 2008, charged minority borrowers higher fees on subprime or prime loans or offered only subprime loans to borrowers who qualified for the more attractive prime loans.  The investigation, begun in 2008 by the Illinois Attorney General and continued with the help of federal authorities, involved the review of over 2.5 million loans.  According to the government, discriminatory lending practices affected loans in 41 states and the District of Columbia.

Bank of America has faced litigation based upon multiple alleged issues with Countrywide’s lending practices, including its issuing of mortgage-backed securities.

Read the entire article, “BofA Settles Fair-Lending”