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Bank of America to Pay $335M to Alleged Victims of Countrywide Mortgage Lending Bias

Bank of America Corp. has agreed to pay a $335 million to settle claims that the Countrywide Financial unit it purchased discriminated against minorities by giving them mortgages with less favorable terms than the ones granted to whites.

An independent monitor will be appointed to determine how the settlement should be distributed among alleged victims, reports the Money & Company blog of the Los Angeles Times.

The case was brought by the U.S. Department of Justice and the Illinois attorney general.

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