Bank of America gets $1.27 billion fine from 2008 crisis reversed

From Claire Bernish at ANTIMEDIA:

United States — In a reversal of the smidgen of accountability forced on Bank of America for its role in the 2008 financial crisis, a U.S. appeals court threw out a jury’s verdict — and with it, the $1.27 billion fine BoA would have paid for mortgage fraud.

Though the Department of Justice had alleged Countrywide Financial Corp., which was purchased by Bank of America in 2008, had sold Fannie Mae and Freddie Mac thousands of bad loans through its “Hustle” mortgage program, the Second Circuit Court of Appeals in New York found insufficient evidence to back charges of fraud.

“The trial evidence fails to demonstrate the contemporaneous fraudulent intent necessary to prove a scheme to defraud through contractual promises,” wrote Circuit Judge Richard Wesley on the court’s unanimous decision, as Reuters reported.

Originally, the DOJ claimed Countrywide’s “High Speed Swim Lane” (HSSL, also called Hustle) program “rewarded staff for generating…

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