Bank of America, which now owns mortgage giant Countrywide Financial, will pay $335 million for Countrywide discriminating against minorities during the 2004-2008 housing boom. Countrywide brokers are accused of steering blacks and Latinos into more costly home loans than white borrowers with the same financial profile. An estimated 200,000 people were affected.
An estimated 200 thousand borrowers were affected. Louise Story, Wall Street and finance reporter for The New York Times, discusses the details of the story.