Bank of America Agrees to $335 Million Settlement over Countrywide Accusations

Bank of America, which has had a tumultuous past few months, recently agreed to a $335 million settlement to resolve accusations that its Countrywide unit had discriminated against African American and Hispanic borrowers.

According to The Associated Press, the settlement with the U.S. Justice Department - which is still awaiting court approval - was filed with the Central District Court of California earlier this week.

The settlement money will reportedly be used to compensate the victims of Countrywide's alleged discriminatory practices over mortgage loans between 2004 and 2007, according to the news source. Bank of America purchased Countrywide Financial, the largest subprime lender in the country, in 2008, the AP noted.

Announcing the settlement is the latest Bank of America news to make headlines, after the financial institution's stock closed below $5 per share on Monday, December 19, for the first time in more than two years, CNN reported.

The bank also continues to deal with the fallout of its decision to charge a $5 monthly fee to debit card users, a move that was later retracted, according to reports.