Bank of America was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis.Link
After a four-week trial, a federal jury in New York found the bank liable on one civil fraud charge. Countrywide originated shoddy home loans in a process called "Hustle" and sold them to government mortgage giants Fannie Mae and Freddie Mac, the government said.
The four men and six women on the jury also found former Countrywide executive Rebecca Mairone liable on the one fraud charge she faced.
A small step, but a step.
I still await a prison sentence for somebody besides Charlie Engle, a nice guy I met during my involuntary vacation.