TV News LIES

Sunday, Jun 07th

Last update06:07:48 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...


American Airlines plans 30% reduction of management, administrative staff

American Airlines to cut 30% of staff American Airlines is planning to cut 30% of its management and support staff, a reduction of...

J.C. Penney store closings coming: Retailer trying to avoid liquidation in Chapter 11 bankruptcy

JC Penny closing stores J.C. Penney proposed a restructuring plan that would shed billions of dollars in debt and allow...

Tuesday Morning retailer files Chapter 11 bankruptcy, plans 230 store closings

Tuesday Morning stores closing Off-price retailer Tuesday Morning filed for Chapter 11 bankruptcy protection Wednesday with plans to close more...

Retail Sales in U.S. Collapse by 16% in Steepest Drop on Record

Retail sales dropU.S. retail sales endured a second straight month of record declines in April as the novel...
 
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!