Tag: Countrywide

Justice Department Settles Lending Discrimination Suit Against Countrywide

On December 21, 2011 the U.S. Department of Justice announced it had reached a $335 million settlement with Countrywide, now owned by Bank of America, to resolve allegations of lending discrimination.  The settlement resolves claims that Countrywide charged Hispanics and African-American borrowers higher prices for credit compared to similarly situated non-Hispanic and white borrowers.  The Justice Department … Continue Reading

OSHA Orders BofA to Compensate and Rehire Countrywide Whistleblower

On September 14, 2011, Law360 reported that the U.S. Department of Labor’s Occupational Safety and Health Administration has ordered Bank of America to pay $930,000 to a former employee allegedly fired for exposing fraud at Countrywide Financial Corp. before its merger with the bank.   OSHA also ordered that the bank rehire the employee, according to an OSHA News … Continue Reading

Illinois AG Sues Countrywide, Alleges Lending Discrimination

The Associated Press reports that Illinois Attorney General Lisa Madigan has sued Countrywide Home Loans, alleging the company discriminated against African American and Latino borrowers in Illinois between 2005 and 2007.  The complaint includes allegations that Countrywide charged African American and Latino borrowers higher rates and fees compared to similarly situated white borrowers.   The complaint states that Countrywide engaged … Continue Reading

Countrywide Pays $108 MM to Settle FTC’s Foreclosure Fee Case

According to a June 7, 2010 New York Times article, the FTC announced that two Countrywide mortgage-servicing companies agreed to pay $108 million to resolve charges that they collected excessive fees from homeowners.  The FTC alleged that Countrywide charged excessive fees to homeowners who were behind on their mortgage payments, in some cases asserting that borrowers were in default when they were not. … Continue Reading

SEC Recommends Civil Fraud Charges Against Countrywide’s Mozillo

The Los Angeles Times reported on May 14, 2009 that SEC investigators had recommended the filing of civil fraud charges against former Countrywide chief executive Angelo Mozillo.  According to the article written by E. Scott Reckard and William Heisel, persons familiar with the matter report that SEC staff are seeking approval to file fraud charges that … Continue Reading