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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.