A federal lawsuit has been filed and is seeking class action status against the nation's largest home lender for allegedly charging African American borrowers more for subprime mortgages. The lawsuit was filed in US Court in Boston and contends Countrywide violated federal housing discrimination laws by requiring black homeowners to pay higher fees to the network of agents that generate Countrywide's new customers.
The lawsuit claims Countrywide and its subprime subsidiary, Full Spectrum Lending Inc., charged black customers more for subprime mortgages than it charged white borrowers in similar financial situations.
