Thousands of bad loans made years ago by Countrywide are Bank of America's problem now.
Bank of America (BAC) has been ordered to pay a nearly $1.3 billion penalty for mortgage fraud committed by Countrywide. The fraud happened years before BofA bought the struggling lender amid the financial crisis, saving it from collapsing under the weight of risky mortgages it had made.
Bank of America hit with $1.3 billion penalty over Countrywide mortgages - Jul. 30, 2014
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