Economy News

 

DOJ Seeks $2.1 Billion In BofA Fraud Case

DOJ Seeks $2.1 Billion In BofA Fraud Case

(Washington, DC) -- The Justice Department wants Bank of America to shell out more than $2 billion dollars to settle a federal fraud case.

The government filed claim against the banking giant this week. The allegations stem from bad lending practices at Countrywide, which Bank of America acquired in 2008.

Agents at Countrywide rushed through mortgage application approvals, then sold the bad loans for millions. Last year, a federal jury in New York found Bank of America liable for fraud.

 

More Articles