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Countrywide Financial Corp.
BofA ordered to pay $1.3 billion over Countrywide lending program
BofA ordered to pay $1.3 billion over Countrywide lending program

Countrywide Financial hustled to make the loans. Bank of America, once again, is picking up the bill for the damages caused — the latest buffeting since the bank's disastrous acquisition of the Calabasas high-risk lender six years ago. A New York judge ordered Bank of America to pay nearly $1.3 billion in penalties in a civil fraud case involving a mortgage program that Countrywide had nicknamed "the hustle." U.S. District Judge Jed Rakoff noted that the program, which fast-tracked the processing of mortgage applications, had lasted for only nine months. But he said the damage inflicted was severe. "It was, from start to finish, the vehicle for a brazen...

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