The case relates to a mortgage lending process at Countrywide - which Bank of America bought in July 2008 - dubbed “Hustle” .

As reported last year, “Hustle” rushed through loans without quality checkpoints, resulting in thousands of fraudulent and defective residential mortgages sold to government-backed entities Fannie Mae and Freddie Mac

“Almost a year to the day after we brought suit, a unanimous jury has found Countrywide, Bank of America, and senior executive Rebecca Mairone liable for making disastrously bad loans and systematically removing quality checks in favor of its own balance,” said US attorney Preet Bharara in a statement last week.

BoA defended Countrywide’s conduct with “all its might and money,” Bharara added.

BoA is reportedly scheduled to respond to the government's penalty request by November 20, 2013.