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Related: About this forumBank Of America Facing $864 Million Fine After Mortgage Fraud Verdict
http://www.huffingtonpost.com/2013/11/09/bank-of-america-fine-mortgage-fraud_n_4246315.htmlBank Of America Facing $864 Million Fine After Mortgage Fraud Verdict
By Nate Raymond and Jonathan Stempel
Reuters | Posted: 11/09/2013 10:16 am EST | Updated: 11/09/2013 11:05 am EST
NEW YORK, Nov 9 (Reuters) - The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit.
In a filing late Friday in the U.S. District Court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank's Countrywide unit who the jury also found liable, "commensurate with her ability to pay."
The government said the penalties were necessary to punish the bank and Mairone "and to send a clear and unambiguous message that mortgage fraud for profit will not be tolerated."
Bank of America and Mairone were each found liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy loans purchased from Countrywide in 2007 and 2008.
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Bank Of America Facing $864 Million Fine After Mortgage Fraud Verdict (Original Post)
unhappycamper
Nov 2013
OP
pipoman
(16,038 posts)1. Not even close to enough to get their attention
BOA Profits around $ 85 Billion annually ... I am a believer that a punishment must
hurt to be effective
intaglio
(8,170 posts)2. Petty cash
They'll pay out of petty cash.
thatgemguy
(506 posts)3. Chump Change
Break up the mega banks!