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.Full article
"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."