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‘Hustle’ Penalty of $1.27 Billion Being Fought by Bank of America

 

bankofamerica

Summary: Bank of America has asked a judge to throw out the jury verdict against it that resulted in a penalty of $1.27 billion in relation to bad mortgages. 

On Thursday, Bank of America Corp asked a federal judge to throw out a jury verdict that found the bank liable for fraud due to defective mortgages sold by the unit known as Countrywide, according to Reuters. The jury verdict resulted in a penalty of $1.27 billion.

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U.S. District Judge Jed Rakoff was asked by the bank in Manhattan to rule in its favor as a matter of law or to order a new trial. The bank argued that the evidence presented at the trial did not support the verdict from the jury that was issued in October of 2013.

According to the bank, prosecutors were required to prove the loans originated by Countrywide Financial Corp in the ‘Hustle’ process were also sold to government mortgage groups Fannie Mae and Freddie Mac and that they were not as strong as promised by the lending agency.

“The trial evidence, even viewed in the light most favorable to the government, did not prove fraud under this standard,” the lawyers for Bank of America wrote.

The office for Preet Bharara, the Manhattan U.S. Attorney, did not comment, but is expected to respond by September 18.

The lawsuit filed against Bank of America was centered around the “High Speed Swim Lane,” or HSSL or Hustle. This began in 2007 at Countrywide, according to the government. Bank of America acquired Countrywide in 2008.

Bank of America was found liable for fraud last year by a jury along with former Countrywide executive Rebecca Mairone. Mairone was ordered to pay $1 billion.

Bank of America Asks Judge to Throw Out Jury Verdict in Fraud Case by

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Posted by on August 29, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

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