Bank of America fined $1.27bn for defrauding mortgage agencies
Bank of America and its former COO will pay fines for lying about quality of loans sold to Fannie Mae and Freddie Mac - and the bank is now facing a multibillion dollar settlement over a separate mortgage securities case
Bank of America has been ordered to pay $1.27 billion in civil penalties for defrauding the United States, after its subsidiary Countrywide deceived government-sponsored enterprises Fannie Mae and Freddie Mac into buying poor-quality mortgage loans in 2007–9.
The penalties relate to fraud that was carried out both before and during the period when the bank received support through the Troubled
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