DOJ Seeks Larger $2.1B Penalty From BofA for CFCs 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 Financials 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 Countrywides fraudulent sale of toxic mortgages to Fannie Mae and Freddie Mac in the years leading up to the financial crisis.