Breaking News. US Government Suing Bank Of America For $1 Billion
The Banking Industry can’t be too excited today, especially with the news that a top federal prosecutor is suing Bank Of America for more than $1 Billion Dollars.
NEW YORK (AP) — The top federal prosecutor in Manhattan says he’s suing Bank of America for $1 billion for mortgage fraud against Fannie Mae and Freddie Mac.
U.S. Attorney Preet Bharara says Countrywide, which was later bought by Bank of America, had procedures designed to process loans at high speed and generated thousands of fraudulent loans.
Bharara says it’s the first civil fraud suit brought by the Justice Department concerning loans that were later sold to Fannie and Freddie.
We will keep you up to date as more details are released.
Correction: In the original post of this article we stated that the law suit was filed by a “Manhattan Attorney General” this information was incorrect.
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