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Law Offices of Michael D. Stewart
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Bank of America ordered to Pay $1.27 Billion for Mortgage Fraud
Posted on August 5, 2014
A Southern District of New York Judge has ordered Bank of America to pay $1.27 billion dollars for mortgage fraud. The fraud occurred when Bank of America’s Countrywide unit intentionally defrauded Freddie Mac and Fannie Mae by selling them loans that purported to be of high quality when in fact they were extremely under-performing. Countrywide got these bad loans off of their books at the expense of Freddie Mac and Fannie Mae. Bank of America, which purchased Countrywide, was found civilly liable under the Financial Institutions Reform Recovery and Enforcement Act (FIRREA).

The Law Offices of Michael D. Stewart
TheMiamiLaw.com
305-590-8909
866-438-6574
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