US Judge Slaps $1.3B Fine on Bank of America (8)

ABC 2014.07.31 02:25
By KEN SWEET AP Markets Writer A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments. The fine was against Countrywide Financial, which Bank of America purchased in 2008 as the financial crisis was unfolding.
FRAUD, BANK, MORTGAGE, MAC, AMERICA, JURY, Mairone, Chase, Countrywide Financial Corp., USA