Mealey's Banking & Finance - Judge Orders Banks, Officer To Pay $1.3 Billion For Mortgage Fraud

Mealey's Banking & Finance - Judge Orders Banks, Officer To Pay $1.3 Billion For Mortgage Fraud

NEW YORK - A New York federal judge on July 30 ordered Bank of America Corp., as successor to Countrywide Financial Corp. and Countrywide Home Loans, and a former Countrywide officer to pay $1.3 billion in damages in connection with Countrywide's residential mortgage lending business and a scheme to defraud Fannie Mae and Freddie Mac (United States of America, ex rel. Edward O'Donnell v. Countrywide Home Loans Inc., No. 12-cv-1422, S.D. N.Y.).

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