![]() ![]() “I’m interested in the logic,” Rakoff said. Rakoff even asked why the government had not sought even more in penalties, based on the $4.8 billion (2.8 billion pounds) paid by Fannie and Freddie, rather than seeking just $2.1 billion based on revenue earned only on the defective portion of the loans sold by Countrywide. District Judge Jed Rakoff in New York said he had not yet decided how to rule in what was one of the few cases to go to trial stemming from the financial crisis.īut he tested the government's arguments that it should be awarded penalties based on revenue Countrywide Financial Corp earned selling loans to government-sponsored mortgage finance companies Fannie Mae FNMA.OB and Freddie Mac FMCC.OB. In a second hearing on the penalties to be imposed on the bank, U.S. ![]() A woman walks past as customers use ATMs at a Bank of America banking center in New York's financial district January 17, 2013. ![]()
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