BofA, Ex-Exec Say 'Hustle' Verdict Doesn't Warrant Fines

Law360, New York (November 21, 2013, 1:04 PM EST) -- Bank of America Corp. and a former bank official told a New York federal judge on Wednesday they should not be forced to pay fines after a jury found them liable for defrauding Fannie Mae and Freddie Mac through a mortgage program nicknamed the “hustle.”

There is no proof that losses suffered by the mortgage finance giants “proximately resulted” from alleged misrepresentations by subsidiary Countrywide Financial Corp., rather than from the broader housing crisis, Bank of America argued in a brief. Attorneys for Rebecca Mairone, a...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.