WASHINGTON (MarketWatch) -- The U.S. government wants Bank of America (BAC) to pay a penalty of $864 million for bad mortgages made from August 2007 until April 2008 and purchased by Fannie Mae (FNMA) and Freddie Mac (FMCC), according to a [l:Wall Street Journal story|http://online.wsj.com/news/articles/SB10001424052702304448204579187942897087218|NEW] that ran Saturday. The mortgages were part of a program called "Hustle," which aimed to quickly make loans that were then sold to government sponsored enterprises Fannie and Freddie, according to the Journal's story. The government said the sought penalty amount would cover Fannie and Freddie's gross losses from "Hustle," according to the story. "Hustle" was created by Countrywide, which Bank of America purchased in 2008.
-Ruth Mantell; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
11-09-13 1501ETCopyright (c) 2013 Dow Jones & Company, Inc.
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