Bank Of America Fined $1.3B For Bad Mortgages - Presented by: The Aol. On Network

A Bank of America subsidiary was ordered to pay nearly $1.3 billion Wednesday for a program that caused heavy losses to federally-backed mortgage finance giants Fannie Mae and Freddie Mac amid fallout from the financial crisis.U.S. District Judge Jed Rakoff imposed the fine on the Countrywide Financial unit for risky mortgages sold through a program informally dubbed "The Hustle" or "The High Speed Swim Lane.



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