Bank of America Liable for Fraud
October 24th, 2013DOJ is seeking a penalty of under $1 billion. *pfft*
Via: Forbes:
Thought those mortgage lawsuits against banks were winding down? Think again.
The Bank of America logo is seen at a branch i…Today a jury found Bank of America liable for defrauding Fannie Mae and Freddie Mac when its Countrywide unit sold it bad mortgages.
The jury also found former Countrywide executive, Rebecca Mairone, liable on the one fraud charge facing her, Reuters reports.
The verdict is a win for the US government as this is one of the few cases stemming from the financial crisis that it’s taken to trial.
Related: JPMorgan Agrees to Tentative $13 Billion Settlement with U.S. Over Bad Mortgages
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