DOJ Seeks Larger $2.1B Penalty From BofA for CFC’s ‘Hustle’ Fraud
February 7, 2014
Government lawyers have run the numbers again and have now concluded that Bank of America should pay a lot more than the initially-sought $864 million penalty over mortgage fraud related to Countrywide Financial’s “Hustle” program. The Justice Department filed papers with Manhattan Federal Judge Jed Rakoff Wednesday requesting the Charlotte-based BofA be fined $2.1 billion for Countrywide’s fraudulent sale of toxic mortgages to Fannie Mae and Freddie Mac in the years leading up to the financial crisis.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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