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By Jonathan Stempel NEW YORK (Reuters) - A federal judge on Wednesday ordered Bank of America Corp to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages sold by its Countrywide unit. U.S. District Judge Jed Rakoff in Manhattan ruled nine months after jurors found Bank of America and former Countrywide executive Rebecca Mairone liable for defrauding government-controlled mortgage companies Fannie Mae and Freddie Mac through the sale of shoddy loans by the former Countrywide Financial Inc in 2007 and 2008. The case centered on a mortgage lending process known as "High Speed Swim Lane," "HSSL" or "Hustle," and which ended before Bank of America bought Countrywide in July 2008.
RICHMOND, Va. (AP) — The former first family of Virginia flew on a chief executive's private jet, vacationed at his lake house and received other perks, such as passes to a Ritz Carlton beach club, the businessman's assistant said Wednesday.