US seeks $864m from Bank of America after mortgage fraud verdict


Reuters
November 10, 2013

Bank-of-America-logo1The US government has urged that Bank of America Corp pay $863.6m in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit.

In a filing late Friday in the US district court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank’s Countrywide unit who the jury also found liable, “commensurate with her ability to pay”.

The government said the penalties were necessary to punish the bank and Mairone “and to send a clear and unambiguous message that mortgage fraud for profit will not be tolerated”.

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