U.S. Sues Bank Of America For Mortgage Fraud | WAMU 88.5 - American University Radio
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U.S. Sues Bank Of America For Mortgage Fraud

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The government sued Bank of America on Wednesday, claiming it stuck taxpayers with losses by intentionally selling dodgy home loans to the government-backed mortgage companies Fannie Mae and Freddie Mac. The civil suit, filed by the U.S. attorney in New York, seeks at least $1 billion in damages. The government says Countrywide Financial, a mortgage lender acquired by Bank of America in 2008, had a system called "the hustle" that skirted quality control to quickly sell defective mortgages to Fannie and Freddie.
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