Lawyers made closing arguments in the U.S. government's civil lawsuit against Bank of America Corp. for a loan-production program called the "hustle," with both sides painting drastically different portraits of what went on inside a company commonly associated with the U.S. housing bust, the Wall Street Journal reported today. Assistant U.S. Attorney Jaimie Nawaday said the case was about "greed and lies" at Countrywide Financial Corp., which ran the program from August 2007 until April 2008. Brendan Sullivan, a partner at the law firm Williams & Connolly LLP representing Bank of America, which bought Countrywide in 2008, insisted there was "no fraud." The civil case in federal court in Manhattan is dragging Bank of America back into the spotlight for Countrywide's alleged misdeeds during the housing boom. Experts said that it marks the first time a bank has been brought to trial for its crisis-era behavior.
