It is unclear yet what penalties Rebecca Mairone will face, as they will be set by the presiding judge at a later date.
In 2010, without admitting any wrongdoing, Mr. Mozilo paid a fine of $67.5 million to settle fraud charges with the Securities and Exchange Commission, $20 million of which was paid by Countrywide as part of a contractual agreement
Companies settle whenever possible, which usually means they don't have to admit fault. Reuters says the BOA/Countrywide case is the "first financial--crisis related case against a bank by the Justice Department to go to trial under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)," a law born from the 1980s Republican savings-and-loans scandals.
Bank of America reached a $10 billion settlement with Fannie Mae earlier this year. More of that may be on the way. The government's thinking is that negotiating settlements helps conserve funds and avoids risking a loss at trial (very conservative).
Naw! What am I thinking. Of course it's all Barry's fault.
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