BofA’s Countrywide Found Liable for Defrauding Fannie Mae - Bloomberg

BofA’s Countrywide Found Liable for Defrauding Fannie Mae - Bloomberg: "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."

'via Blog this'