questionmark Posted October 24, 2013 #1 Share Posted October 24, 2013 Bank of America Corp.’s Countrywide unit was found liable by a jury for selling Fannie Mae and Freddie Mac thousands of defective loans in the first mortgage-fraud case brought by the U.S. government to go to trial. A federal jury in Manhattan yesterday also found former Countrywide Financial Corp. executive Rebecca Mairone liable for defrauding the U.S. Mairone was the only individual named as a defendant in the government’s lawsuit. U.S. District Judge Jed Rakoff, who presided over the trial, told lawyers he’ll determine the amount of any civil penalty at a later date. Assistant U.S. Attorney Pierre Armand asked the judge to impose a penalty of as much as $848 million, representing the gross losses to Fannie Mae (FNMA) and Freddie Mac. Armand said alternatively, Rakoff could fine Countrywide about $131 million, the estimated net losses to the two entities. Read more 1 Link to comment Share on other sites More sharing options...
libstaK Posted October 24, 2013 #2 Share Posted October 24, 2013 Only one defendant named in Countrywide? Talk about your token scapegoat. 9 Link to comment Share on other sites More sharing options...
Lilly Posted October 24, 2013 #3 Share Posted October 24, 2013 Yeah, unscrupulous mortgage practices ran rampant during the housing bubble. They need to point the finger at a much wider group IMO. 2 Link to comment Share on other sites More sharing options...
Frank Merton Posted October 24, 2013 #4 Share Posted October 24, 2013 Only one defendant named in Countrywide? Talk about your token scapegoat. They need to balance the budget, and a few multi-billion dollar fines against big banks, even though it is for offenses by companies the banks took over at government request, will help. Go where the money is, actually guilty or not. 1 Link to comment Share on other sites More sharing options...
Kowalski Posted October 24, 2013 #5 Share Posted October 24, 2013 People lost their homes because of these money hungry a*******......And they get fined, but no one goes to jail......and Fannie Mae and Freddie Mac don't get into trouble either.....I can't comment on this anymore, or I'm going to start yelling.... 2 Link to comment Share on other sites More sharing options...
acidhead Posted October 24, 2013 #6 Share Posted October 24, 2013 GOV engineered crisis.. engeneered collapse and engineered scape goat...... all at the expense of the taxpayer...... the D's and R's need to be removed ASAP 2 Link to comment Share on other sites More sharing options...
pallidin Posted October 24, 2013 #7 Share Posted October 24, 2013 Reminds me of the commercial: "Countrywide is on our side" Oh wait, they said "your" 1 Link to comment Share on other sites More sharing options...
Raptor Witness Posted October 26, 2013 #8 Share Posted October 26, 2013 From what I understand, B of A was forced by the Fed. and/or Treasure Dept. to buy Countrywide. I wonder why ... 1 Link to comment Share on other sites More sharing options...
Yamato Posted October 26, 2013 #9 Share Posted October 26, 2013 Reminds me of the commercial: "Countrywide is on our side" Oh wait, they said "your" They also said "Nationwide...". 1 Link to comment Share on other sites More sharing options...
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