Essay Example on the Countrywide Mortgage Lending Scandal

The concept of racial segregation for several decades has been a challenge in creating equality regarding opportunities and investment across the United States of America. Precisely, racial discrimination is said to be radical separation or classification of people regarding color or ethnic group (Latner, 2017). In this case, racial segregation is an uncivilized form of addressing people regarding a superior complex whose basis dwells on color either white or black and ethnic groups. For instance, in America, the blacks have been facing different social issue among them being the racial discrimination in various sectors of the economy. This has restricted them from investing and directly being involved in the nation building. However, several movements have been developed by the minority groups in the United States of America with a significant impact on enhancing law inclusiveness. The blacks to be precised have been demoralized for several decades regarding investing in the United States of the American economy (Latner, 2017). One of the leading sectors facing discrimination is the bank leading industry whereby mixed reactions have been a review for several decades. Additionally, the law has been in the forefront in addressing the racial segregation.

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The bank of America has been alleged to be gearing racial discrimination for several decades. The Justice Department has however monitored the complaints in lending mortgages countrywide. The Justice Department had reviewed several cases and noted that not only the Bank of America was involved in this racial issue but also other sectors were affected. For instance, the minorities suffered high-interest rates which increased their impoverished nature. Federal banking regulators have issued a redline towards denial of mortgages to minority groups. Additionally, the Bank of America has issued 335 million as compensation to victims whose homeownership were taken ("A comment on Bank of America/Countrywide's discriminatory mortgage lending and its implications for racial segregation", 2018). The process thus consists of restoring justice to the victims and getting them back to their social, economic welfares. This mechanism of justice restoration has been a vital instrument in fighting social and economic inequalities in the American Community. Finally, the mortgage lending has been regulatory framework has comprehensively accommodated the minors with the significant prospect in integrating the society through creating equal opportunities.

References

A comment on Bank of America/Countrywide's discriminatory mortgage lending and its implications for racial segregation. (2018). Retrieved from http://www.epi.org/publication/bp335-boa-countrywide-discriminatory-lending/

Latner, J. (2017). Rethinking the Role of Racial Segregation in the American Foreclosure Crisis. City & Community, 16(4), 447-485. doi: 10.1111/cico.12253