Bank Of America Ordered To Pay $1.27 Billion For Countrywide Fraud

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Bank Of America Ordered To Pay $1.27 Billion For Countrywide Fraud

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Bank Of America Ordered To Pay $1.27 Billion For Countrywide Fraud

by Wochit 0:40 mins

Bank Of America Ordered To Pay $1.27 Billion For Countrywide Fraud

by Wochit 0:40 mins

A federal judge on Wednesday ordered Bank of America to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages sold by its Countrywide unit. District Judge Jed Rakoff in Manhattan came nine months after jurors found BofA and former Countrywide executive Rebecca Mairone liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy Countrywide loans in 2007 and 2008.

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