WSJ: U.S Seeks $864MM from BofA Over ‘Hustle’ Loans
The Wall Street Journal reported that the U.S. government is seeking $864 million in penalties from Bank of America over a loan production program called the “Hustle.”
The Journal said a jury in the civil case found last month that Bank of America’s Countrywide unit committed fraud when it created the program to speed the production and sale of loans to Fannie Mae and Freddie Mac.
The Journal noted, according to legal experts, that this case marked the first time a bank had been found liable for fraud in a civil proceeding for its mortgage-related misdeeds.
To read the Wall Street Journal report click here.