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$335m to settle claim of Countrywide bias

The Justice Department on Wednesday announced the largest residential fair-lending settlement in history, saying that Bank of America had agreed to pay $335 million to settle allegations that its Countrywide Financial unit discriminated against black and Hispanic borrowers during the housing boom. A department investigation concluded that Countrywide had charged higher fees and rates to more than 200,000 minority borrowers than to white borrowers who posed the same credit risk.

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