Bank of America Corp.’s Countrywide unit was found liable for defrauding Fannie Mae and Freddie Mac by selling them thousands of defective loans, Bloomberg News reported yesterday. A federal jury in New York today also found former Countrywide executive Rebecca Mairone liable for defrauding the U.S. Mairone was the only individual named as a defendant in the government’s lawsuit. U.S. District Judge Jed Rakoff, who presided over the trial, told lawyers he will determine the amount of any civil penalty later. The U.S. is seeking a penalty more than $848 million, the gross loss to Fannie Mae and Freddie Mac as calculated by its expert. Alternatively, the government suggested that the penalty should be at least $131 million, the estimated net loss.
