U.S says Bank of America should pay $2.1bn in mortgage fraud case

Bank of America's Countrywide unit should pay the maximum penalty of $2.1bn for defective mortgage loans it sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, federal prosecutors told a judge in a court filing.

Bloomberg reports that U.S. District Judge Jed Rakoff in Manhattan is considering how much to penalize the bank following months of arguments over the size of the civil penalty Charlotte, Bank of America should pay in the first mortgage-fraud case brought by the U.S. to go trial.

To access the complete Bloomberg article hit the link below:

BofA Should Pay $2.1 Billion in Fraud Case, U.S. Says 

Sumitomo Mitsui Shares Fall on Quarterly Profit Decline

image: © Alex E. Proimos

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News