USA Today reports today that Bank of America has agreed to pay $335 million to resolve accusations of discrimination against qualified African-American and Hispanic borrowers on their home loans. The practice was seen in BOA Countrywide division where the U.S. Department of Justice says Countrywide charged more than 200,000 African-American and Hispanic consumers higher fees and interest rates due to their race and national origin rather than on their credit scores. A spokesperson for Countrywide denies the discrimination charge and says Countrywide will continue to resolve any remaining issues. Bank of America bought Countrywide Financial in 2008.
