U.S. seeks $ 864M from BofA over Coun­try­wide

The Washington Times Daily - - Business -

NEW YORK | Fed­eral pros­e­cu­tors want Bank of Amer­ica Corp. to pay about $864 mil­lion as a re­sult of losses in­curred by the gov­ern­ment af­ter it bought thou­sands of home loans made by Coun­try­wide Fi­nan­cial dur­ing the hous­ing boom.

U.S. at­tor­ney Preet Bharara made the re­quest in doc­u­ments filed late Fri­day with the U.S. Dis­trict Court in Man­hat­tan.

A jury last month found Bank of Amer­ica Corp., which ac­quired Coun­try­wide in 2008, li­able for know­ingly sell­ing thou­sands of bad home loans to Fan­nie Mae and Fred­die Mac be­tween Au­gust 2007 and May 2008.

The panel also re­turned the verdict against Coun­try­wide and a for­mer ex­ec­u­tive, Re­becca Mairone.

The trial re­lated to mort­gages the gov­ern­ment said were sold at break­neck speed with­out re­gard to qual­ity as the econ­omy headed into a tail­spin.

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