Saturday, December 24, 2011

Bank of America fined $335m for minority discrimination....

Bank of America's Countrywide Financial business has agreed to pay a record fine of $335m (£214m, 257m euros) to settle discrimination charges.

The US justice department said around 200,000 qualified African-American and Hispanic borrowers were charged with higher rates "solely because of their race or national origin".

Dan Frahm, a Bank of America spokesman, said in a statement that the bank did not practise lending based on race.

BoA bought Countrywide in 2008.

The settlement covers conduct between 2004 and 2008, before the BoA takeover. Full story...

Don't miss:
  1. London woman arrested over racist rant on tram...
  2. Sepp Blatter blasted for "no racism in football" comment...
  3. Texas "white males only" scholarships sparks controversy...
  4. Racial discrimination pervasive in Singapore rental market ...
  5. Tamil policemen excluded from Sri Lanka parade...
  6. Racism in India, where even Indians are considered foreigners...

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