Bank of America Requests Dismissal of ‘Hustle’ Case Verdict

(RECAP: Lawyers for Bank of America have filed to overturn a jury verdict last year that held the bank liable for faulty mortgage-backed securities sold by its Countrywide unit. In a motion filed August 28, attorneys for the bank asked U.S. District Judge Jed Rakoff to either grant a new trial or overrule the verdict made last by a 10-person jury last October. The case revolves around mortgages originated through Countrywide’s High Speed Swim Lane (HSSL, or “Hustle”) program that were later sold to Fannie Mae and Freddie Mac. In their motion, Bank of America’s lawyers argue the government failed to prove the loans involved in the case were advertised as being higher quality than they were.)