News Summary

News Summary: US seeks $864M from BofA

News Summary: US seeks Bank of America pay nearly $864 million over Countrywide loans gone bad

PENALTY PITCH: Federal prosecutors have asked a federal judge to order Bank of America Corp. pay about $864 million in penalties for defrauding Fannie Mae and Freddie Mac. The request follows a jury trial last month over lending practices at Countrywide Financial, which BofA acquired in 2008.

THE TRIAL: Jurors found BofA liable for knowingly selling thousands of bad home loans to the government-run mortgage buyers.

WHAT'S NEXT: Bank of America contends prosecutors are overstating the volume of loans and damages in the case. It plans to respond to the government's penalty filing before a Nov. 20 deadline.