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Volume 14 - Number 18

September 5, 2014

BofA Appeals Judge’s Order to Pay $1.27B for ‘Hustle’ of GSEs

Bank of America this week launched an appeal to overturn a jury verdict that found it liable for thousands of bad mortgages sold by Countrywide leading to a $1.27 billion judgment. U.S. District Court Judge Jed Rakoff levied the judgment in July after a New York jury last fall found the Charlotte, NC-based bank liable for fraud over a Countrywide program known in the industry as “the Hustle.”

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

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Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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