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Volume 2014 - Number 30

August 1, 2014

Judge Cuts BofA ‘Hustle’ Penalty by Half to $1.27B as Bank Tries to Settle Other Charges; Issa Presses DOJ

A Manhattan federal judge on Wednesday ordered Bank of America to pay a $1.27 billion penalty over mortgage fraud related to Countrywide Financial’s “Hustle” program, a little more than half of what the government had said the bank should pay, while the bank and Department of Justice discuss a potential MBS fraud settlement. Last October, the DOJ and the Securities and Exchange Commission successfully proved in court that Fannie Mae and Freddie Mac lost some $850 million from thousands of loans acquired through Countrywide’s “high-speed swim lane” program – known as HSSL or “Hustle.” The loan program ran...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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