>> America's largest bank is on the hot seat for allegedly charging minorities more for mortgages. I'm Conway Gittens in New York. JP Morgan Chase agreeing to pay $55 million, after being sued by the Department of Justice for slapping tens of thousands of African American and Latino borrowers with higher mortgage rates than those of whites, even though they had similar credit profiles.
The elevated rates resulting in millions of dollars in higher payments to the bank. According to the lawsuit, the mortgages in question made between 2006 to 2009 showed, quote, reckless disregard for the rights of those seeking a fair mortgage. JP Morgan Chase did not admit wrongdoing as part part of the settlement, placing the blame on outside mortgage brokers working on behalf of the bank for changing the rates set by credit standards.
But the lawsuit filed in New York alleges that JP Morgan Chase noticed the modifications and let them go through without question, therefore aiding in the discrimination.