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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.

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