bank of america

AP - Bank of America agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers on home loans.

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Debra Dahlmer has never missed a mortgage payment. But her lender, Bank of America, still threatened to foreclose on her.

After a saga that has lasted for more than a year and a half, there might finally be light at the end of the tunnel.

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The nation's biggest bank is still digging itself out from under the mortgage crisis. Bank of America reported a fourth-quarter loss of $1.2 billion.

Total losses for last year amounted to more than $2 billion.

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A new mortgage-related headache is threatening the nation's largest banks. Many investors -- some representing as much as $50 billion in mortgage-backed securities -- want to send back their bad loans to the originators such as Bank of America, which took over the notorious subprime lender Countrywide.

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The Federal Trade Commission said Monday that Bank of America will pay $108 million to customers of Countrywide who were overcharged.

The FTC says Countrywide -- the giant lender that BOA bought two years ago in the midst of the financial crisis -- deceived about 200,000 homeowners.

It was one of the nation's most aggressive lenders during the housing boom, promoting many risky loans that ended up in foreclosure.

More encouraging news about the TARP program…

From Washington Post:

Among the banks that rule Wall Street, Citigroup got a bailout that was bigger than the rest.

Now the company is about to pay a king’s ransom for its federal rescue.