Bank of America's Countrywide Financial unit has been found liable for defrauding two US government-backed mortgage companies by a federal jury. Countrywide, which was acquired by Bank of America in 2008, was accused of selling thousands of defective loans to Fannie Mae and Freddie Mac. The ruling is a major win for the US government, which launched the case in the wake of the financial crisis. The Justice Department is seeking as much as 848 million dollar in penalties.