US Seeks $864M From BofA Over Countrywide Loans - 47 ABC - Delmarva's Choice

US Seeks $864M From BofA Over Countrywide Loans

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NEW YORK (AP) - Federal prosecutors want Bank of America pay about $864 million over 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 (Bah-RAH-Rah) 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 Fannie Mae and Freddie Mac thousands of bad home loans between August 2007 and May 2008.

Prosecutors asked the court to make the penalty on BofA equal to the maximum losses racked up by the government-run mortgage buyers.

Bank of America, based in Charlotte, N.C., says the U.S. is overstating the volume of loans and damages arising from the Countrywide program.

 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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