A U.S. appeals court today threw out a $1.27 billion penalty levied against Bank of America in connection with shoddy mortgages sold by the former subprime giant Countrywide.The loans in question were offered through Countrywide’s “hustle” program in 2007 and sold to now government-owned Fannie Mae and Freddie Mac even though executives knew the mortgages did not meet certain quality standards.
The ruling reverses a lower court decision forcing the bank to pay the penalty and is a defeat for a Justice Department long criticized for not successfully prosecuting mortgage firms and banks for their role in the 2008 crisis.
How could a BILLION dollar penalty be thrown out? Here is another great example of how big banks and the government work hand in hand to take over their people and ruin the term “democracy”.
Source: Appeals court throws out Bank of America $1.27 billion penalty – POLITICO
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Crazy that that happened. Seriously, when will we learn?