$350 Million Fine for Countrywide

Bank of America settles civil rights charges against bank it purchased.
2:23 | 12/21/11

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Transcript for $350 Million Fine for Countrywide
The average American home -- lost nearly a quarter of its value since the housing market collapsed. And today the company most responsible for the mortgage meltdown -- a big price 300 million dollars the largest fine ever of its kind. But ABC's Jim Havel asked tonight if even that giant -- -- high enough. The support motives were flying at the Department of Justice the largest residential -- fair lending settlement. Ever reach -- history of our nation this was one of the most extensive investigations in our history. But the 330 million dollar settlement against the now defunct countrywide bank. Once the largest home mortgage company in America means it most the 200000 discrimination victims will get no more than a couple of thousand dollars each in restitution. A minuscule amount compared to the 400 million dollars former CEO of -- -- Angelo Mozilo who lived in this California mansion. Was allowed to keep. When he sold the troubled company to Bank of America agreeing never to work in banking again. The idea that the most notorious. Fraudulent lender. Can walk away not simply with impunity from the criminal laws but wealthy because. He violated the criminal laws. Is an obscenity. In 2007. ABC's 20/20 went undercover to investigate claims lenders were steering blacks and Hispanics -- good credit to more expensive loans called sub prime. At this slender three whites were quickly encouraged to look elsewhere because they're quite it was too good. But to Hispanics we sit in with similar good credit were encouraged to apply for a loan carrying a huge interest rate. Julian Miller bit and one of those countrywide sub prime loans it cost her her home. I just think that they just. Targeted at single. African American woman with three kids -- becoming a -- minute. The Justice Department said today with countrywide did was not -- -- -- just a violation of federal civil rights law. Many disagree -- -- find it difficult to understand. How loans -- with fraud applications forged -- applicants lied to could result in not one elite person that countrywide. Being prospect that is question a lot of people have been asking -- -- -- thanks for him.

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