Mortgage Fraud Penalty Against Bank of America is $1.3 Billion

Bank of America Ordered to Pay $1.3 Billion for Mortgage Fraud On Wednesday, July 30th, a federal jury ruled that Bank of America would pay $1.27 billion in civil penalties for mortgage fraud and bad home loans sold to Fannie Mae and Freddie Mac, which in part triggered the Great Recession in 2008. In October last year, the jury ruled that Bank … [Read more...]

Bank of America Found Guilty of Mortgage Fraud

Bank of America and Subsidiaries Found Guilty by Federal Jury of Mortgage Fraud A federal grand jury has found Bank of America and its subsidiary Countrywide guilty of mortgage fraud, which triggered the recession that started in 2008. The US Justice Department argued that Countrywide, which was purchased by Bank of America in 2008, … [Read more...]

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