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U.S. seeks $2.1 billion from Bank of America in fraud case

NEW YORK Thu Jan 30, 2014 8:54am EST
Jan 30 (Reuters) - The U.S. government has asked a judge to order Bank of America Corp to pay $2.1 billion, increasing its request for penalties stemming from a jury's finding that the bank was liable for fraud over defective mortgages sold by its Countrywide unit.

The Justice Department had previously asked for only $863.6 million based on gross losses it said government-sponsored mortgage finance companies Fannie Mae and Freddie Mac incurred on loans purchased from Countrywide in 2007 and 2008.

The new request for $2.1 billion is based instead on gross revenue generated by the fraud, the government said.