Bank of America to settle discrimination claims for $335M

| Print |  Email
Must Reads
Thursday, December 22, 2011

Bank of America has agreed to pay $335 million to settle federal claims that it discriminated against minority home buyers during the housing boom.

Obama administration officials said the settlement, the largest ever for fair-lending claims, came after investigators reviewed more than 2.5 million home loans originated by Countrywide during the housing boom.
Investigators concluded that Countrywide charged more than 200,000 blacks and Hispanics higher fees and interest rates than comparable white borrowers between 2004 and 2008. In addition, officials claim the firm advised more than 10,000 minority borrowers to take riskier and more costly subprime loans, even though they could have qualified for more traditional mortgages.

Read more from The Washington Post.

{biztweet}bank of america{/biztweet}

 

 

More Articles

Unshakable

September 2015
Wednesday, August 19, 2015
BY BRIAN LIBBY

Ben Kaiser holds his ground.


Read more...

Reader Input: Fair Play

May 2015
Wednesday, July 15, 2015

Former Governor John Kitzhaber's resignation in February prompted some soul searching in this state about ethical behavior in industry and government.


Read more...

Bendafornia: What’s driving the Northern California migration?

Contributed Blogs
Wednesday, August 05, 2015
bendiforniathumbBY KEN MAES

A huge migration from Northern California has contributed to average 16% growth per year since 1990.


Read more...

Storyteller in Chief: Power Player

September 2015
Wednesday, August 19, 2015
BY LINDA WESTON

In 1996, after a 17-year career in the destination marketing industry, where I gained national standing as the CEO of the Convention & Visitors Association of Lane County, I was recruited by the founders of a new professional basketball league for women. The American Basketball League (ABL) hoped to leverage the success of the 1996 USA women’s national team at the Atlanta Olympics — much like USA Soccer is now leveraging the U.S. Women’s National Team’s victory in the World Cup. The ABL wanted a team in Portland, and they wanted me to be its general manager.


Read more...

Greenpeace (temporarily) prevents Shell oil ship from leaving Portland

The Latest
Thursday, July 30, 2015
hangersBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

Greenpeace activists suspended themselves from the St. John's Bridge in an attempt to prevent a ship from heading to the Arctic.


Read more...

Portland’s long-distance bike commuters

The Latest
Monday, August 03, 2015
Matt KellyresizethumbBY KIM MOORE | RESEARCH EDITOR

Pushing the extreme.


Read more...

Flattery with Numbers

July/August 2015
Friday, July 10, 2015
BY JOE CORTRIGHT

The false promise of economic impact statements.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS