Monday, November 11, 2013

Feds seek $864M from BofA over Countrywide loans

Feds seek $864M from BofA over Countrywide loans
"Federal prosecutors want Bank of America to pay about $864 million over losses incurred by the government after it bought thousands of home loans made by Countrywide Financial during the housing boom.

U.S. Attorney Preet Bharara made the request in documents filed late Friday with the U.S. District Court in Manhattan.

A jury in October found Bank of America, which acquired Countrywide in 2008, liable for knowingly selling thousands of bad home loans to Fannie Mae and Freddie Mac between August 2007 and May 2008."

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