Billion-dollar settlement for Countrywide home loans denied
Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now.
That’s because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.
In May, the Second Circuit overturned a $1.27 billion penalty against Bank of America in a fraud case over defective mortgages sold by Countrywide in the run-up to the housing crisis.
And Monday, the Second Circuit denied the government’s request to reconsider its decision, according to a report from the Wall Street Journal.