Bank of America Found Guilty of Fraud
The operative word here is "few:"
It's now five years since the 2008 debacle. Countrywide was one of the biggest players in the issuing of mortgages that led to the sub-prime crisis in 2007 that triggered the events of 2008. Bank of America is now paying the price for the bad loans they got when they bought Countrywide in 2008. Who else bears responsibility for the mess that ensued from the sort of fraudulent activity for which B of A will now pay a fine a shade less than $ 1 billion?
It seems our headline is telling us. Again, the operative word is "few." Few? Really?
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(Reuters) - Bank of America Corp was found liable for fraud on Wednesday on claims related to defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few big trials stemming from the financial crisis.
It's now five years since the 2008 debacle. Countrywide was one of the biggest players in the issuing of mortgages that led to the sub-prime crisis in 2007 that triggered the events of 2008. Bank of America is now paying the price for the bad loans they got when they bought Countrywide in 2008. Who else bears responsibility for the mess that ensued from the sort of fraudulent activity for which B of A will now pay a fine a shade less than $ 1 billion?
It seems our headline is telling us. Again, the operative word is "few." Few? Really?
More...
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