Bank of America wants fine repealed
Bank of America is upset with the fine that has been assessed to them and they want it removed/repealed. The bank which is based in Charlotte, North Carolina say the case brought by the United States government never should have went to trial. In papers filed in New York courts the case filed against Bank of America was unfair and unprecedented. Sounds like they are not happy at all.
Bank of America is especially upset with Judge Jed Rakoff, whom is accused of possibly putting in too much of his own personal feeling into this case. In the appeal documents that have been filed, they (BOFA) insists that the judge be removed from the case if it is returned to the lower court because they fear he'll definitely put the screws to them. The judge is out to get BOFA. This is according to statements from the bank that while the big law case was being presided over by Judge Rakoff he had made many public statements in multiple forums calling for the prosecution of bank executives. It appears he had a thing for hanging bank execs or wanted justice for the big screw up of the mortgage meltdown.
Some of the important facts of the legal case that lead up to the huge fine of $1.27 BILLION DOLLARS was the "HUSTLE" program involving Countrywide lending that involved risky loans, and not the dance moves from the famous song/dance stuff some of us older folks may be familiar with from the 70's. The jury found that the Countrywide executives deliberately misrepresented the quality of the mortgages being sold, shame on them! Maybe Rakoff is right, and someone should have gone to jail. Bank of America purchased Countrywide in 2008 as the financial crisis was unfolding (or exploding?).
Anyway, BOFA wants the fine reduced to $1.1 Billion - saving a cool 170 million dollars for the work and expense of filing an appeal, which is definitely worth doing, at least in the eyes of the bank. Or, they want the appeals court to order a new trial, which I don't think will be happening in my lifetime.