BofA Ordered to Pay $1.27 Billion Over Mortgage Fraud

, New York Law Journal

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Judge Jed Rakoff's decision, which also slapped a former executive with a $1 million personal judgment, followed a trial last fall in which jurors found that the Countrywide financial unit defrauded Freddie Mac and Fannie Mae by peddling at break-neck speed what they knew were substandard loans.

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