Skip to main content

Newsroom

May 24, 2016

International Business Times: Bank Of America Won’t Pay $1.27 Billion Penalty Stemming From Mortgage Lender Countrywide Financial, Court Rules

“Bank of America won a victory over the U.S. government Monday when a federal appeals court reversed a lower court decision against the country’s second-largest bank by assets.

The U.S. Court of Appeals for the 2nd Circuit in New York ruled the Charlotte, North Carolina-based bank does not have to pay a $1.27 billion penalty in connection with its Countrywide home-mortgage lending unit.”

***

“This hypertechnical decision is not only a miscarriage of justice but also provides a road map for Wall Street to get away with more fraud in the future,” said Dennis Kelleher, CEO and president of Better Markets, a nonprofit organization that advocates for the public interest in financial markets. “The law should not be interpreted to encourage and facilitate this kind of deliberate criminality.”

***

To read the full International Business Times article by Angelo Young click here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today