NEW YORK Jan 30 The U.S. government has asked a
judge to order Bank of America Corp to pay $2.1 billion,
increasing its request for penalties stemming from a jury's
finding that the bank was liable for fraud over defective
mortgages sold by its Countrywide unit.
The request in a court filing late Wednesday followed a
December hearing where a judge asked the bank and the U.S.
Justice Department to brief him on how he might base the
penalties on Countrywide's gains rather than losses resulting
from the mortgage sales.
The Justice Department had previously asked for only $863.6
million based on gross losses it said government-sponsored
mortgage finance companies Fannie Mae and Freddie Mac
incurred on loans purchased from Countrywide in 2007
The new request for $2.1 billion is based instead on gross
revenue generated by the fraud, the government said.
A federal jury in New York in October had found Bank of
America and Rebecca Mairone, a former midlevel executive at
Countrywide, each liable for fraud in the civil lawsuit.