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Thursday, October 25, 2012

Bank of America Hit With $1B Lawsuit Over Alleged Mortgage Fraud

The federal government filed a civil mortgage fraud lawsuit against Bank of America Corp., accusing it of deliberately generating and selling thousands of toxic home loans that later defaulted to Fannie Mae and Freddie Mac.
U.S. Attorney Preet Bharara said in a statement that the sales had resulted in more than $1 billion of losses and "countless" foreclosures.
Bharara said the case is the Department of Justice's first civil fraud lawsuit over mortgage loans sold to Fannie Mae or Freddie Mac.

3 comments:

Anonymous said...

Ok. Let me get this right. The Federal Government is suing a bank when it Fannie & Freddie approving the loans. Go figure! This is a Government that hasn't passed a budget in 4 years. Makes sense to me.

Gary Bullard said...

Thank you, 447, you beat me to the punch! However, this act is just to appease the idiots like you and me! Ben Bernanke has already printed up the billion ot trillion they will need to pay their fine, they will "pay" it, thereby another clandestine way to introduce the dollars into the economy pushing inflation even higher.

It's called QE 3, 4, 5, 6, 7, ad infinitum.

Meanwhile, the money I make every day without a raise buys less at an exponential rate.

Anonymous said...

8:01 What does QE stand for. Try questionable ethics.