TV News LIES

Tuesday, Oct 14th

Last update09:03:02 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...


3 share Nobel Prize in Economics for work on technology, growth and creative destruction

Nobel in EconomicsThe Nobel Prize in economics was awarded to a trio of researchers Monday for their work...

Supreme Court says Trump cannot, for now, remove Lisa Cook from Fed; will take up matter in January

lisa CookThe Supreme Court said President Donald Trump must allow Lisa Cook to remain on the Federal...

Trump announces 100 percent tariff on China in response to rare earth controls

100% tariff on ChinaPresident Trump announced Friday he will raise tariffs on China in response to a move from...

The Federal Reserve’s independence is about to be tested like never before

Jay PowellThe time has come to ban the “revolving door” between the White House and the Federal...
 
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!