Bank of America fined over mortgage fraud by Countrywide

Updated: Thursday, July 31, 2014
 Bank of America fined over mortgage fraud by Countrywide story image

(NEWSCHANNEL 3) - Thousands of bad loans made years ago by Countrywide are now Bank of America's problem.

The bank has been ordered to pay a nearly $1.3 billion penalty mortgage fraud committed by Countrywide.

The fraud happened years before Bank of America saved the lender from collapsing under the risky mortgages it made.

The bank objects to the size of the penalty.

A spokesman says the company is reviewing a possible appeal.




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