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Bank of America agreed to pay $335 million to resolve allegations that Countrywide Financial engaged in widespread discrimination against African-American and Hispanic borrowers on home loans. The Department of Justice is calling this the largest settlement in history over fair residential lending practices. According to the DOJ’s complaint, Countrywide systematically charged more than 200,000 African-American and Hispanic borrowers higher fees and interest rates than white borrowers with similar credit profiles. [more inside]
posted by 2bucksplus on Dec 21, 2011 - 31 comments

Mortgage financing giant Fannie Mae announces policy changes designed to encourage borrowers to "work with their servicers and pursue alternatives to foreclosure"...and threatens borrowers with new penalties for strategic default. [more inside]
posted by 2bucksplus on Jul 1, 2010 - 44 comments