Feds Demand $2B Penalty In BofA Mortgage Fraud Case

Law360, New York (January 30, 2014, 11:44 AM ET) -- The U.S. Department of Justice has substantially increased the size of the fine it is seeking from Bank of America Corp. in a closely watched mortgage fraud case, urging a New York federal court on Wednesday to impose a $2.1 billion civil penalty.

Federal prosecutors, who previously sought an $864 million penalty against the bank, said the updated figure was based on research by an outside expert. A jury found in October that Bank of America subsidiary Countrywide Financial Corp. defrauded Fannie Mae and Freddie Mac...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers