TV News LIES

Wednesday, Jul 29th

Last update05:40:10 PM GMT

You are here News Economy Judge Orders Bank Of America To Pay $1.3 Billion Fine

Judge Orders Bank Of America To Pay $1.3 Billion Fine

E-mail Print PDF

Bank of AmericaA federal judge has ordered Bank of America to pay a $1.27 billion fine for fraud perpetrated by Countrywide Financial Corp., a mortgage company the bank acquired in 2008.

, a jury held Bank of America liable for bad loans Countrywide sold to Fannie Mae and Freddie Mac as part of its "Hustle" mortgage-lending program as the housing market soured in 2007 and 2008.

In his ruling Wednesday, Federal District Judge Jed Rakoff did not mince words.

"It was from start to finish the vehicle for a brazen fraud by the defendants, driven by a hunger for profits and oblivious to the harms thereby visited, not just on the immediate victims but also on the financial system as a whole," Rakoff wrote.

He based his penalty on 17,611 Hustle-related loans, for which Fannie Mae and Freddie Mac paid nearly $3 billion. The damages reflected a finding that while some of the loans were defective, they weren't all bad.

The government had sought penalties of $2.1 billion.

More...


Most Recent Related Stories...


Social Security Disability Fund Will Run Dry Next Year

SS funds to run outThe 11 million Americans who receive Social Security disability face steep benefit cuts next year, the...

Obama acts to extend overtime pay for millions

ObamaSalaried workers who earn nearly $1,000 per week would become eligible for overtime pay under a...

Microsoft hangs up on Nokia business, to cut 7,800 jobs

MicrosoftMicrosoft Corp (MSFT.O) said on Wednesday it would cut 7,800 jobs, or nearly 7 percent of...

Massachusetts Home Care Workers Win Fight For $15

Home care workersMassachusetts home care workers have notched the latest victory in the Fight for $15.Under an agreement...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!