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Rakoff Orders BofA To Pay $1.3B In Mortgage Fraud Case

By Stephanie Russell-Kraft ( July 30, 2014, 3:29 PM EDT) -- U.S. District Judge Jed S. Rakoff of New York's Southern District has ordered Bank of America Corp. to pay a nearly $1.3 billion fine for defrauding Fannie Mae and Freddie Mac through a program designed to speed up mortgage issuing, according to an opinion filed Wednesday....

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