S
seventh circle
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S
seventh circle
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The Illinois AG filed a lawsuit this week against Countrywide, alleging that the now imploded mortgage lender steered blacks and Latinos into riskier subprime loans more often than whites, even when they qualified for safer mortgages.
In addition, the suit accuses Countrywide of charging minorities higher fees than whites. If they lose, Bank of America, which bought Countrywide, would be fined $25,000 for each violation.
"These charges relate to Countrywide practices well before Bank of America acquired the company. We are disappointed with the attorney general's decision to pursue litigation," said Bank of America in a statement. "We have fully cooperated with their investigation and have pointed out significant flaws in the methodology which we believe has been used as the basis for these claims."
According to the complaint, the discrimination was the result of in a failure of policy. (Emphasis ours.)
In addition, the suit accuses Countrywide of charging minorities higher fees than whites. If they lose, Bank of America, which bought Countrywide, would be fined $25,000 for each violation.
"These charges relate to Countrywide practices well before Bank of America acquired the company. We are disappointed with the attorney general's decision to pursue litigation," said Bank of America in a statement. "We have fully cooperated with their investigation and have pointed out significant flaws in the methodology which we believe has been used as the basis for these claims."
According to the complaint, the discrimination was the result of in a failure of policy. (Emphasis ours.)
S
seventh circle
Guest
This isn't even the first type of case like this. This is actually one of the milder ones I've seen.
Some lenders have been charged with falsifying documents and signatures
Some lenders have been charged with falsifying documents and signatures
H
Hawkeye
Guest
mandatory "people have to look out for themselves" post
A
Afanasi
Guest
they grabroad
steered into it, nrabroad
forced into it. responsibility rests on the shoulders of the individual signing the papers.
steered into it, nrabroad
forced into it. responsibility rests on the shoulders of the individual signing the papers.
L
l4zy
Guest
If this can be proven, it's pretty fucked up. But they still entered into those contracts....