BofA's Countrywide Defrauded Fannie, Freddie, Jury Says

Law360, Los Angeles (October 23, 2013, 6:06 PM EDT) -- A New York federal jury unanimously decided Wednesday that Bank of America Corp. subsidiary Countrywide Financial Corp. and one of its former executives defrauded Fannie Mae and Freddie Mac through a program designed to speed up mortgage issuing.

The jury verdict came down roughly a year after the federal government launched its civil case accusing Countrywide of selling nearly 30,000 low-quality loans to Freddie and Fannie in 2007 and 2008. The suit was the first the U.S. had brought over mortgages sold to the government-sponsored enterprises...
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