Government asks for $863.6M in fraud case against Bank of America

11/11/2013 | Reuters

Bank of America was recently found liable for fraud related to its Countrywide unit, which it purchased in 2008, and the government is now asking for $863.6 million in penalties. It is also asking for compensation from former Countrywide executive Rebecca Mairone. "We believe the filing overstates the volume of loans and the appropriate measure of damages arising from one narrow Countrywide program that lasted several months and ended before Bank of America acquired the company," said Lawrence Grayson, a spokesman for the bank.

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