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A New York jury has found Bank of America Corp. liable for mortgage fraud. The verdict was returned Wednesday after a monthlong civil trial in Manhattan. The trial related to mortgages the government said were sold at break-neck speed without regard to quality as the economy headed into a tailspin in late 2007 and 2008.
North Carolina communities will benefit from millions of dollars to help struggling homeowners facing foreclosure, as well as more housing counselors, financial fraud investigators and prosecutors, and stronger mortgage standards.
Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.