Jury: BofA liable for Countrywide mortgage fraud
NEW YORK (AP) - A New York jury has found Bank of America liable for mortgage fraud at a civil trial in Manhattan.
The verdict was returned Wednesday after a month-long trial. The trial related to mortgages that the government said was sold at break-neck speed without regard to quality as the economy headed into a tailspin in late 2007 and 2008.
The jury found Bank of America liable for actions carried out by its Countrywide Financial unit. Bank of America acquired Countrywide in July 2008.
The government had accused the financial institutions of urging workers to churn out loans, accept fudged applications and hide ballooning defaults.
A judge said it will be decided Thursday morning when a penalty phase of the trial will begin.
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