Judge Rakoff Orders Bank of America's Countrywide ordered to pay $1.3B "BRAZEN FRAUD"

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Judge Rakoff Orders Bank of America’s Countrywide ordered to pay $1.3B “BRAZEN FRAUD”

Judge Rakoff Orders Bank of America’s Countrywide ordered to pay $1.3B “BRAZEN FRAUD”

Bloomberg-

Bank of America Corp.’s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested.

U.S. District Judge Jed Rakoff in Manhattan issued the civil penalty against the Charlotte, North Carolina-based bank today in the first mortgage-fraud case brought by the federal government to go to trial.

Countrywide and Rebecca Mairone, a former executive with the mortgage lender, were found liable by a jury in Manhattan federal court in October for selling thousands of bad loans to the two government-sponsored enterprises. Mairone was ordered to pay $1 million.

[BLOOMBERG]

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One Response to “Judge Rakoff Orders Bank of America’s Countrywide ordered to pay $1.3B “BRAZEN FRAUD””

  1. israel144 says:

    How do I remove the Countrywide lien off the chain of title if the loan was put in the fake trust but the note never made it into the trust?

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