Published on December 22nd, 2011 | by Scallywag1
Bank of America to pay $335 million damages for charging minorities higher interest rates.
Exploiting the impoverished and minority community is just another day at the office for Bank of America…
In a gesture towards absolving itself of further liability or guilt, Bank of America has agreed to pay $335 million for the apparent misdeeds of its mortgage division, Countrywide Financial who effectively price gouged low income earners and minorities by charging them higher interest rates than other customers as well as placing them in inappropriate loans.
nydailynews: The National Council of La Raza, a Hispanic civil rights and advocacy organization, applauded the Department of Justice for holding Countrywide accountable.
“This historic settlement sends a powerful message that financial institutions will be held accountable for targeting communities of color with unfair practices that have led to needless foreclosures,” said Janis Bowdler, Director of the Wealth-Building Policy Project at NCLR.
Bank of America in an effort to sound conciliatory and one assumes save face offered the following:
“We are committed to fair and equal treatment of all our customers, and will continue to focus on doing what’s right for our customers, clients and communities.”
Of course one would have been more inclined to believe Bank of America had it stepped up to the plate when it first acquired Country Financial in 2008 but unfortunately they waited until this moment before announcing it too was in the business of
racism fair business practice.
The moral of the day? I’ll take what I can and get away with what I can and the minute you bring me in for questioning I’ll play cordial and dumb and even throw you
niggers a bone. Banking with us is a cinch- you give and we keep taking.
Shouldn’t you be switching to Bank of America soon too? Minorities and
niggers ill informed citizens preferred…