Morning Scan: Judge Fines B of A in 'Hustle' Case; Fed See...

Receiving Wide Coverage ...

B of A to Pay for 'Hustle': Federal Judge Jed Rakoff ordered Bank of America to pay $1.3 billion for selling toxic mortgages to Fannie Mae and Freddie Mac, as part of its so-called "Hustle" program. The $1.3 billion penalty was less than the $2.1 billion the government sought, but "greatly in excess of what the bank hoped to pay," the Financial Times reported. Rakoff, who called the scheme "brazen fraud," also...