TV News LIES

Thursday, Apr 26th

Last update05:20:13 AM 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...


Wells Fargo slammed with $1B fine

Wells Fargo Federal regulators slapped Wells Fargo with a $1 billion fine on Friday over customer abuses in...

Richest 1% on target to own two-thirds of all wealth by 2030

Richest 1% on target to own 2/3 of world's wealth by 2030 The world’s richest 1% are on course to control as much as two-thirds of the world’s...

China's Xi renews vow to open economy, cut tariffs as U.S. trade row deepens

China's Xi vows to open eonomy, cut tariffsChinese President Xi Jinping promised on Tuesday to open the country’s economy further and lower import...

Fed Raises Interest Rates for Sixth Time Since Financial Crisis

Jerome H. Powell The Federal Reserve raised interest rates on Wednesday by a quarter of a percentage point and...
 
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!