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Last updated: November 09. 2013 1:36PM - 758 Views
Associated Press



FILE - In this Jan. 25, 2009 file photo, a Bank of America branch office is shown in New York.  The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit. In a filing late Friday, Nov. 8, 2013,  in the U.S. District Court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank's Countrywide unit who the jury also found liable, "commensurate with her ability to pay." Bank of America and Mairone were each found liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy loans purchased from Countrywide in 2007 and 2008. (AP Photo/Mark Lennihan, file)
FILE - In this Jan. 25, 2009 file photo, a Bank of America branch office is shown in New York. The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit. In a filing late Friday, Nov. 8, 2013, in the U.S. District Court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank's Countrywide unit who the jury also found liable, "commensurate with her ability to pay." Bank of America and Mairone were each found liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy loans purchased from Countrywide in 2007 and 2008. (AP Photo/Mark Lennihan, file)
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(AP) Federal prosecutors want Bank of America pay about $864 million over losses incurred by the government after it bought thousands of home loans made by Countrywide Financial during the housing boom.


U.S. attorney Preet Bharara (Bah-RAH-Rah) made the request in documents filed late Friday with the U.S. District Court in Manhattan.


A jury last month found Bank of America Corp., which acquired Countrywide in 2008, liable for knowingly selling Fannie Mae and Freddie Mac thousands of bad home loans between August 2007 and May 2008.


Prosecutors asked the court to make the penalty on BofA equal to the maximum losses racked up by the government-run mortgage buyers.


Bank of America, based in Charlotte, N.C., says the U.S. is overstating the volume of loans and damages arising from the Countrywide program.


Associated Press
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