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BofA Reaches $335M Settlement in Countrywide Lending Discrimination Lawsuit
By Matt O’Donnell
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Bank of America has agreed to pay a historic $335 million to resolve a discrimination lawsuit that accuses its Countrywide unit of engaging in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers.Â
The Countrywide lending discrimination settlement is largest settlement ever reached over residential fair lending practices, the Justice Department announced. The settlement amount will be used to compensate victims of Countrywide’s discriminatory mortgage loans from 2004 through 2007.
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The Countrywide lending discrimination lawsuit was originally filed in 2010 by Illinois Attorney General Lisa Madigan’s office, which accused Countrywide of consistently selling African-American and Hispanic borrowers riskier loans at a higher cost than it sold to white borrowers with similar credit.
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Madigan said in a statement that the settlement upholds American principals of justice and fairness, and that people’s access to credit, and the terms of their credit, should be determined on an equal basis, not on the basis of the color of their skin.
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The Countrywide lending discrimination settlement is still subject to court approval.
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Updated December 23rd, 2011
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13 thoughts onBofA Reaches $335M Settlement in Countrywide Lending Discrimination Lawsuit
I was affected and got no information while being on military duty. I had to refinance my loan and lost 8 years of payments even though I had excellent credit. Please contact me because I am underwater and preparing myself to get rid of the house.
I wish someone would let us know what is going on with this lawsuit, and keep us informed and also explain all of this mess to us better, we aren,t lawyers.
I also lost my home due to discrimation when i purchase my home mortgage
I received notification by mail and was instructed to fill out form by a certain that escapes me right now but I am sure it was by the end of 2012 or the 1st of 2013 in order to collect unknown amount. If I remember correctly another form would be sent out sometime in 2013 by the middle of the year. I have yet to hear anything yet but I will keep everyone posted if I do. I still stay at the same residence so that is the only way I was able to know.
Lost home.
Please keep me informed, I was a victim of CountryWIde discrimation of Home Mortgage.
I have not received my settlement check from BoA on CountryWide class action suit.
I too would l ike to be kept in the loop with this lawsuit. Elaine your situation is a isolated case.. trust and believe there are many many of us with stories to tell and share about how the practices at Countrwide affected our lives!
To Whom It May Concern:
Please keep me informed of the latest information regarding the class action lawsuit regarding countrywide mortgage discriminatory practices. Finally, someone notice how wrong countrywide, lending practices were. I was very disturbed, that my co-worker which was also a nurse, interest rate was substantially lower than mine, even though her credit score was a few points lower. The only difference between us was the fact that she was white, and I black. The discriminatory practices later forced my home to be foreclosed upon, I never addressed my concerns, for fear that I was just an isolated case…
Please and thanks for your support..
Elaine D. Burns, Hickman
4228 e. Kiowa st.
Phoenix, Arizona
85044
480-593-8286
I was refinanaced with countrywide on 3/07, & 6/07 on 2 different loans my credit score at that time was about 795-820 same types of properties, same loan amounts, & different interest rates.