Sponsored by Forest Grove Economic Development
Home Must Reads Bank of America to settle discrimination claims for $335M

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

The Scott Kveton affair

News
Wednesday, July 09, 2014
ScottKvetonBY LINDA BAKER | OB EDITOR

Scott Kveton, the CEO of Urban Airship is taking a leave of absence from the company. As the story continues to unfold, here’s our perspective on a few of the key players.


Read more...

Understanding Oregon medical marijuana dispensary tenants

News
Friday, June 13, 2014
061314 thumb grassrentBY CLIFF HOCKLEY | OB GUEST BLOGGER

This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.


Read more...

South Waterfront's revenge

News
Thursday, July 24, 2014
MoodyAveBY LINDA BAKER | OB EDITOR

Remember the naysayers?  Those who called the South Waterfront aerial tram a boondoggle?  Those who rejoiced at the massive sell off of luxury condos at the John Ross and Atwater Place?


Read more...

OB Video: Building trade ties with the EU

News
Monday, June 16, 2014
BritEmbCampionBY KIM MOORE | OB RESEARCH EDITOR

The Oregon economy could get a boost from a new trade agreement being negotiated between the U.S. and the European Union.


Read more...

Oregon Business wins awards

News
Monday, June 30, 2014

ASBPEOregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.


Read more...

Portland: Where young people go to work?

News
Friday, June 06, 2014
UntitledBY KATIE AUSBURGER | OB GUEST CONTRIBUTOR

How to build a hipster-friendly work environment.


Read more...

The business of running a food cart

News
Thursday, June 05, 2014
OBM1BY HANNAH WALLACE | OB BLOGGER

What does it take to launch and run one of these mobile food businesses?  


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