Bank of America Requests Judge Leniency in $1.3B Mortgage Case
Bank of America is asking for leniency from a federal judge regarding the jury verdict in a mortgage fraud ruling.
Fresh off its $16 billion deal to settle its sub-prime mortgage case, Bank of America is asking for leniency from a federal judge regarding the jury verdict in a separate mortgage fraud ruling. The district judge had ordered the big bank to pay $1.3 billion after a jury found its Countrywide unit guilty of fraudulent mortgage loans to Fannie Mae and Freddie Mac. The ruling was part of the Obama administration’s series of mortgage-fraud lawsuits against banks for their role in the 2008 crisis. However, Bank of America argues these High-Speed Swim Lane mortgages provided to Fannie and Freddie were not misrepresented.
