Bank Of America Minority Home Loan Settlement - $335 Million

Bank Of America has agreed on a $335 million dollar settlement after claims that it's Countrywide Financial unit gave higher interest rate loans to black and Latino borrowers regardless of their credit score. The Young Turks host Cenk Uygur breaks it down.

The Largest Online New Show in the World.

Facebook:

[Citigroup]

It wasn't BAC's citywide when the violations occured.

[sheldondunnjr]

Dear TYT,
Please post links in the comments section to the articles you mention during a video. I can't find the Huffington Post article.

[CineRocco]

Cenk, you've been on fire lately! Keep it going!

[InuKun]

Given back in 2009, BoA agreed to settle a class action lawsuit in San Fransisco over the bank's debit card practices with regards to its customers, and then turned around a week after agreeing to the settlement and filed an appeal which placed the settlement in Limbo (It has yet to be reheard by the court), I somehow doubt anyone is going to see anything come out of this.

[Boomer]

@MrSpencerport Do you mean personally or through the effort and success of setting up the consumer protection agency?

[InuKun]

@genie0390 Also, real estate is always local and in 1 of 4 stages of a cycle. It's just most people tend to not remember that the same issue had transpired in 1990. The stages are Buyers Stage 1 (Prices start to drop due to partial saturation of the market. Decrease in permits for new homes.), Buyer Stage 2 (Prices drop sharply from over-saturation). No permits for new housing issued.) Seller Stage 1 (Market picks up as homes start to sell. Permits start to be issued again.)

[Sanngot]

Is there a Canadian-like version of the Young Turks? Cuz while I find this stuff interesting, I probably should be paying more attention to politics in my own country...

[Sonicalex]

They got ~1675 dollars each but was their rate lower to normal too?

[jjamerican]

The facts are the facts, and they were discriminating against minority homeowners. I just read an article about this, and it mentioned how these banks targeted low-income communities before heading to the suburbs.
This just shows how race, class, etc. really interconnect with each other.

[enacra]

Being a 20 year old black male, with each day I genuinely become more and more fearful for my life (in many more ways than one) living in the US, no matter what you do it seems like most things are working against you, I've seriously considered leaving the country when I get a bit older. I was unaware of this entirely though...

[animalcrosser]

That's less than $1700 a person. That's insulting. That'll pay maybe a month's rent and some utilities. that doesn't compare to what they had to go through by losing their homes.

[daveelderdotcom]

We're the Wall Street pirates, we're the mad captains of finance...

[imRyRy]

@madjimms Huh? I never called you a racist or a communist. I said that having those statistics and not using them to your advantages would not be "capitalism". Companies have a right to do business with whoever they want, and however they want assuming they follow the law. This is not racism. You're the one that brought up racism.

[Legalmind]

Seriously i can easily see the information and choose after it gets explained on tyt. When he says the formal statement i just go blank and i dont really get wtf it meant i can only judge on if they changed something or not or if they are for or against

[Benyamin]

$335 million dollar fine!!! whoa that's like a $500 fine for banks.

[AxelxA]

So, on average everyone is going to $1675 for settlement? is that enough?

[SuperEric]

So glad I pulled all my money out of BOA. I went to a credit union and I urge everyone else to do the same. When BOA asked me why I told them I hated their shady ways.

[chingon]

@IamYoddle is welfare, free health care or anything anti poverty related constitutional???

[InuKun]

@genie0390 I'm not saying Democrats don't share part of the blame, but it's not entirely on them. Don't forget. It was Republicans who passed a law which required the FDIC to payoff all toxic loans of the banks during the 1950s. What this means i that anytime you default on a loan for 120 days, the loan is charged off and written to $0. This of course doesn't relieve you of the debt, but the bank, in order to loan the funds again, is reimbursed by the taxpayer for the loss.

[chingon]

your interest rate was solely based financial background and credit no matter what race, color or sexual orientation...i dont get how they could have settled based on race alone...mind you, countrywide loan officers were shady to begin with and were encouraged to sell loans at the highest rate possible but to settle solely because of race is a slap in the face to those who lost their home and didn't benefit from this settlement.