- The U.S. government is seeking the maximum penalty allowed under the law from Bank of America (BAC) in connection with a Countrywide loan program dubbed "Hustle."
- As its name implies, the program was designed "to speed the production and sale of loans to mortgage-finance firms Fannie Mae and Freddie Mac," WSJ says.
- "The nature and circumstances of Defendants' conduct demonstrates an unyielding and brazen arrogance," a court filing alleges. The government wants $864M in penalties.
- Here's a BAC spokesman: "We believe the filing overstates the volume of loans and appropriate measure of damages."
U.S. derides Countrywide's "Hustle" program, wants $864M from Bank of America
Nov 9 2013, 21:16 ET