News & Analysis as of September 20, 2024

Financial Institutions Reform Recovery Enforcement Act

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Bank of America Wins Reversal of FIRREA $1.27B Penalty

Manatt, Phelps & Phillips, LLP on 6/28/2016

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened - ...more

Reversal of Countrywide Fraud Verdict a Reminder of Government’s Heavy Burden of Proof

BakerHostetler on 6/1/2016

On May 23, 2016, the U.S. Court of Appeals for the Second Circuit reversed a jury’s finding of civil fraud against Countrywide Home Loans and other lenders, finding that the government had failed to prove fraud in...more

I Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment

Burr & Forman on 5/26/2016

It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government’s $1.2 Billion FIRREA...more

Rakoff Decision Supports Feds’ Broad Application of FIRREA

Bradley Arant Boult Cummings LLP on 8/28/2013

On August 16, 2013, Judge Jed S. Rakoff of the Southern District of New York issued a ruling in in United States v. Countrywide Financial Corp., No. 12 Civ. 1422, that will likely be relevant to any financial institution...more

U.S. Sues Bank of America for Alleged Mortgage Fraud Against GSEs

Orrick - Finance 20/20 on 11/7/2012

On October 24, the U.S. Attorney for the Southern District of New York filed suit against Bank of America and Countrywide seeking damages for over $1 billion in alleged losses suffered by Fannie Mae and Freddie Mac....more

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