Bank of America Settles for $335 Million in Latino Discrimination Lawsuit

This case, which is a long time in coming, disproves the myth that the housing collapse was caused by the government. Americans seeking the American dream were exploited by those greedy to sell a home by any means necessary. The right has been feeding us the myth that it was the poor who were to blame by buying homes they could not afford. The people who sold them the homes knew that they couldn't afford subprime loans. Not the buyers.

It also disproves the myth that it was the government that forced home sellers into selling homes at subprime rates:

According to the DOJ's complaint, Countrywide charged over 200,000 African-American and Hispanic borrowers higher fees and interest rates than non-Hispanic white borrowers with a similar credit profile. The complaint says that these borrowers were charged higher fees and rates because of their race or national origin rather than any other objective criteria.
"These institutions should make judgments based on applicants' creditworthiness, not on the color of their skin," said Attorney General Eric Holder. "With today's settlement, the federal government will ensure that the more than 200,000 African-American and Hispanic borrowers who were discriminated against by Countrywide will be entitled to compensation."

[...]The United States' complaint says that Countrywide was aware that the fees and interest rates that its loan officers were charging discriminated against African-American and Hispanic borrowers, but failed to impose meaningful limits or guidelines to stop it. By steering borrowers into subprime loans from 2004 to 2007, the complaint alleges, Countrywide harmed those qualified African-American and Hispanic borrowers. Subprime loans generally carried costlier terms, such as prepayment penalties and significantly higher adjustable interest rates that increased suddenly after two or three years, making the payments unaffordable and leaving the borrowers at a much higher risk of foreclosure.

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