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US seeks $2.1 bn from Bank of America in fraud case

Reuters 

The US government has raised the amount it is seeking in penalties from Bank of America Corp to $2.1 billion after a jury found the bank was liable for fraud over defective mortgages sold by its Countrywide unit. The request in a court filing late on Wednesday for $2.1 billion was based on gross revenue generated by the fraud, the government said. The Justice Department had previously asked for $863.6 million. The initial request was based on gross losses it said government-sponsored mortgage finance companies Fannie Mae and Freddie Mac incurred on loans purchased from Countrywide ...

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First Published: Fri, January 31 2014. 00:28 IST
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