California Real Estate Fraud Report

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Bank of America appeals $1.3 billion “Hustle” loan verdict

Financial giant Bank of America has appealed a $1.3 billion penalty assessed by Judge Jed Rakoff in July 14 for selling toxic home mortgage loans, which Judge Rakoff had described as “brazen fraud.”

BofA filed its appeal with the Second Circuit Court of Appeals, claiming that it had been prevent from presenting evidence that its “Hustle” loans were “at least as high quality as other loans” made during the period prior to the meltdown of the U.S. mortgage market.

The U.S. Department of Justice had filed a lawsuit against Bank of America in October 2012, claiming that the Hustle loan program made by Countrywide involved loans being processed at rapid speed without regard for their quality. The loans were resold to Fannie Mae and Freddie Mac, causing billions in losses to those institutions and taxpayers.

Read the original article in Financial Times.

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