American Morning

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December 22nd, 2011
09:30 AM ET

Rev. Jesse Jackson Sr. on Bank of America settling Countrywide Financial discrimination suit

Bank of America, the largest bank in the U.S., has agreed to pay $335 million to settle a discrimination lawsuit.

The suit charged that Countrywide Financial, which was purchased by Bank of America in 2008, discriminated against minorities by steering them towards high-risk sub-prime mortgages from 2004 to 2008 even though they qualified for less-risky prime loans.

This morning on American Morning, Rev. Jesse Jackson Sr., who had been claiming that discriminatory practices were prevalent in the sub-prime mortgage market, talks about how important this victory is for homeowners.

Filed under: Mortgage • Sub-prime