2nd Circ. Won’t Rethink Tossing BofA $1.3B Mortgage Fine

Law360, New York (August 22, 2016, 7:20 PM ET) — The Second Circuit on Monday refused to rehear its decision tossing a roughly $1.3 billion penalty against Bank of America for a financial crisis-era mortgage program, rejecting a request by the U.S. Attorney’s Office in Manhattan, which said the ruling overlooked important evidence.

The appeals court rejected the government’s request for a rehearing pushing back against a three-judge panel’s May finding that it hadn’t presented enough evidence that Bank of America subsidiary Countrywide Financial and a former executive had defrauded Fannie Mae and Freddie Mac. (Credit:…

Source: Law360

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