U.S. seeks $864 million from Bank of America after fraud verdict

[riky]

U.S. seeks $864 million from Bank of America after fraud verdict

<p><a href="http://news.yahoo.com/u-seeks-864-million-bank-america-fraud-verdict-152000824--sector.html"><img src="http://l2.yimg.com/bt/api/res/1.2/cJzajL5cIgYcNqNc1njZ5Q--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2013-11-09T152000Z_1_CBRE9A816LK00_RTROPTP_2_BOFA.JPG" width="130" height="86" alt="A sign for a Bank of America office is pictured in Burbank, California" align="left" title="A sign for a Bank of America office is pictured in Burbank, California" border="0" /></a>By Nate Raymond and Jonathan Stempel NEW YORK (Reuters) - The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit. In a filing late Friday in the U.S. District Court in Manhattan, the government also asked for penalties against Rebecca Mairone, a former midlevel executive at the bank's Countrywide unit who the jury also found liable, &quot;commensurate with her ability to pay.&quot; The government said the penalties were necessary to punish the bank and Mairone &quot;and to send a clear and unambiguous message that mortgage fraud for profit will not be tolerated.&quot; Bank of America and Mairone were each found liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy loans purchased from Countrywide in 2007 and 2008.</p><br clear="all"/>

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