Countrywide Financial Steers Black Borrowers into Predatory Loans

Countrywide Financial — the nation's largest mortgage lender — systematically placed Black and Latino borrowers in subprime adjustable-rate mortgages at higher rates than similarly qualified white borrowers. Internal data cited in a 2011 DOJ complaint showed Black borrowers were 2–3 times more likely to receive higher-cost loans. Bank of America, which acquired Countrywide in 2008, settled for $335 million in 2011.