TBA Law Blog

Posted by: Brittany Sims on Jan 31, 2014

The U.S. Justice Department is seeking $2.1 billion in fines from Bank of America. The charges stem from mortgage fraud perpetrated by Countrywide Financials in 2007 and 2008 before that company was purchased by the bank. A jury in federal court found Bank of America guilty last October in a civil case involving Countrywide’s actions. In the motion filed late Wednesday, the government argues that Countrywide's gross proceeds from the sale of mortgage loans topped $5 billion and 43 percent of those loans were "defective and sold with misrepresentations." A hearing on the fines is set for March, WCYB reports.