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Bank of America on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty. District Judge Jed Rakoff in Manhattan to rule for it as a matter of law or order a new trial, arguing that the evidence at trial did not support the jury's October 2013 verdict. Bank of America said prosecutors were required at trial to prove that loans originated by Countrywide Financial in a process called "Hustle" that were then sold to government mortgage finance giants Fannie Mae and Freddie Mac were not as good as the lender represented. http://yhoo.it/1pbqlE9 http://bit.ly/1fJ5yqZ
Bank of America on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty. District Judge Jed Rakoff in Manhattan to rule for it as a matter of law or order a new trial, arguing that the evidence at trial did not support the jury's October 2013 verdict. Bank of America said prosecutors were required at trial to prove that loans originated by Countrywide Financial in a process called "Hustle" that were then sold to government mortgage finance giants Fannie Mae and Freddie Mac were not as good as the lender represented. http://yhoo.it/1pbqlE9 http://bit.ly/1fJ5yqZ
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