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US judge weighs penalties after BofA fraud verdict

US judge weighs penalties after BofA fraud verdict

A U.S. judge is considering an alternative that could result in Bank of America paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis.

At a hearing on Thursday, U.S. District Judge Jed Rakoff in Manhattan asked the bank and the Justice Department to brief him on the alternative, which is based on the gains rather than the losses resulting from the sales.

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