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Settlement announced over Countrywide loans

Illinois Atty. Gen. Lisa Madigan and federal officials today announced a $335 million national settlement with Bank of America stemming from former mortgage giant Countrywide allegedly steering minority borrowers into subprime loans and charging them higher interest rates and fees on mortgages.

Approximately 15,000 African-American and Latino mortgage-holders in Illinois who took out loans from 2004 to 2008 and were victims of discriminatory lending practices may be eligible for money from the settlement, according to Natalie Bauer, a Madigan spokeswoman.

Read more at the Chicago Tribune.

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