US Judge Slaps B of A With $1.3B Fine For Mortgage Fraud; First Ever Such Ruling Against BankA federal judge imposed a $1.3 billion civil penalty against Bank of America for its role in selling risky mortgages to Fannie Mae and Freddie Mac. This is the first time a bank has been found liable under federal law for mortgage fraud leading up to the financial crisis
Schwarzenegger Proposes $9.9B In Cuts, Fund ShiftsGov. Arnold Schwarzenegger was poised to call lawmakers into an emergency budget session, calling spending cuts "simply unavoidable."

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