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U.S. seeks $2.1 billion from Bank of America in fraud case
Source: Reuters
U.S. seeks $2.1 billion from Bank of America in fraud case
BY NATE RAYMOND
NEW YORK Thu Jan 30, 2014 9:53am EST
(Reuters) - The U.S. government has raised the amount it is seeking in penalties from Bank of America Corp (BAC.N) to $2.1 billion after a jury found the bank was liable for fraud over defective mortgages sold by its Countrywide unit.
The request in a court filing late on Wednesday for $2.1 billion was based on gross revenue generated by the fraud, the government said. The Justice Department had previously asked for $863.6 million.
The initial request was based on gross losses it said government-sponsored mortgage finance companies Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) incurred on loans purchased from Countrywide Financial Corp in 2007 and 2008.
A spokesman for Bank of America had no immediate comment.
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BY NATE RAYMOND
NEW YORK Thu Jan 30, 2014 9:53am EST
(Reuters) - The U.S. government has raised the amount it is seeking in penalties from Bank of America Corp (BAC.N) to $2.1 billion after a jury found the bank was liable for fraud over defective mortgages sold by its Countrywide unit.
The request in a court filing late on Wednesday for $2.1 billion was based on gross revenue generated by the fraud, the government said. The Justice Department had previously asked for $863.6 million.
The initial request was based on gross losses it said government-sponsored mortgage finance companies Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) incurred on loans purchased from Countrywide Financial Corp in 2007 and 2008.
A spokesman for Bank of America had no immediate comment.
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Read more: http://www.reuters.com/article/2014/01/30/us-bankofamerica-hustle-idUSBREA0T12Y20140130
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