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U.S. Seeks $864 Million From Bank of America Corp After Fraud Verdic-Reuters


Saturday, 9 Nov 2013 10:16am EST 

Reuters reported that 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 on late November 09, 2013 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. The case centered on a mortgage lending process at Countrywide, which Bank of America bought in July 2008, known as the High Speed Swim Lane, or alternatively HSSL or Hustle. The penalties the government requested are slightly higher than the amount lawyers in the office of Manhattan U.S. Attorney Preet Bharara had previously indicated they would seek, $848.2 million. The case is U.S. ex rel O'Donnell v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 12-01422 

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