Bank of America says it shouldn't be penalized in defective-loan case

11/21/2013 | Bloomberg

Bank of America says it shouldn't have to pay a fine even though a jury has determined that its Countrywide unit sold defective loans. If it does have to pay a penalty, the bank says, the fine should not exceed $1.1 million, far below the $863 million the government has requested. The bank says there is no way to prove that Countrywide's actions were the direct causes of losses incurred by Freddie Mac and Fannie Mae.

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