16.5 Billion to the Department of Justice in August last year due to the selling/packaging toxic mortgage backed securities.
Now, they have to pay another 1.27 Billion to Fannie & Freddie. They tried to fight that one but lost Tuesday and were denied a request for a new trial as well!
Based upon the 'Hustle' (HSSL) program for selling those same mortgage backed securities to Fannie and Freddie. The government said the program emphasized speed over quality of the loans sold. Supposedly staff members were rewarded according to sales volume. Well, that's a standard of practice in many companies....just hopefully the volume (in other companies) wasn't crappy volume as well.
Ah, dang it, poor B of A. Wonder what it will do to it's customers to recapture this money paid out. Surely they have that all planned out already.....and been collecting alllllll along!