Because there was no evidence of a “scheme to defraud,” the U.S. Court of Appeals for the Second Circuit reversed a $1.27 billion jury verdict against Bank of America for mortgage fraud Monday.
A Bank of America predecessor, Countrywide Home Loans, was accused by Manhattan federal prosecutors of knowingly selling defective home mortgages to government-sponsored entities Fannie Mae and Freddie Mac as the 2008 financial crisis accelerated.
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