Business
5:05 am
Thu October 25, 2012

$1 Billion BOA Lawsuit Claims Mortgage Fraud

Federal prosecutors in Manhattan are suing Bank of America for more than $1 billion for mortgage fraud against government-backed mortgage companies Fannie Mae and Freddie Mac around the time of the financial collapse. The lawsuit alleges that Countrywide Financial, which was later acquired by Bank of America, sold large volumes of mortgages that weren't quality-controlled.