CHARLOTTE, N.C. — Bank of America has agreed to settle predatory lending charges against subsidiary Countrywide Financial Corp. at an estimated cost of about $8 billion.
The agreement stems from a series of lawsuits alleging predatory lending filed in several states against the mortgage company.
The bank has agreed to rework the mortgages of nearly 400,000 people who took out loans with Countrywide to settle multistate lawsuits against Countrywide alleging predatory lending. The bank said the cost of settling the legal charges could go as high as $8.4 billion.
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