Wednesday, October 24, 2012

Bank of America hit with $1B mortgage fraud lawsuit

Bank of America has proposed a $8.5 billion settlement with investors in mortgage-backed securities. Six Federal Home Loan Banks are seeking to intervene in the proposed settlement.
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.  Read more
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