BofA Said Close to Settling Countrywide Fair-Lending Probe
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Bank of America Corp. is close to settling a U.S. Justice Department probe into whether its Countrywide Financial Corp. unit violated fair-lending practices, said two people with knowledge of the discussions.
A deal may be announced as early as this week and will include money to compensate Countrywide customers, said the people, who declined to be identified because the talks were private. Charlotte, North Carolina-based Bank of America acquired subprime lender Countrywide in 2008, and with it billions of dollars in mortgage liabilities.