Bank of America - Intentional breach of contract
Time: Monday May 23, 2016
Place: New York City, New York, U.S.
Details: On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low-quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract", not a fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery, and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.
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