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"Historians of the future will want to know why almost no one went to jail in connection with the collapse of mortgage-backed securities that triggered the 2007-08 financial crisis. Monday's appeals court decision reversing a $1.2 billion fraud judgment against Bank of America will be an important part of the answer. To put it bluntly, the law failed — because the law as it existed didn't properly anticipate or cover the events that occurred.", www.commercialappeal.com
"By Stephen Carter If I promise to sell you a 2016 BMW and deliver my 2006 Yugo instead, you can sue me for breach. If my breach is 'intentional,' you might even get extra damages. But although I have done you a wrong, I have not committed a fraud -- not unless I planned to stick you with the Yugo all along. Every first-year law student is familiar with this fundamental rule of contracts. The fact that the Justice Department chose to ignore it is crucial to understanding Monday's decision by the U.S. Court of Appeals for the Second Circuit to overturn a $1.27 billion judgment against Bank of America related to alleged wrongdoing by Countrywide Home Loans. A little background. In 2007, following the implosion of the subprime market, Countrywide decided to reconstitute its subprime lending division into a prime lending division, with the goal of reselling mortgages to Fannie Mae and Freddie Mac. The lender subsequently entered into contracts with both government-sponsored", www.oregonlive.com
"Edward O’Donnell blew the whistle on “the Hustle,” a high-speed mortgage-selling scheme that led to a $1.27 billion fine against Bank of America in 2014. On Monday, an appeals court threw out the penalty—but Mr. O’Donnell still gets to keep a $58 million reward.", www.wsj.com
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