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Bank of America alleged for mortgage fraud

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Bank of America alleged for mortgage fraud

Bank of America is sued for USD 1bn for selling thousands of toxic home loans to government agencies, Fannie Mae and Freddie Mac that support the US mortgage market.

Countrywide Financial, which Bank of America bought in 2008, is accused of running a trade scheme from 2007 to 2009 that was deliberately designed to process at high speed without checks on their quality.

The accusation comes from the US Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York.

The legal against Bank of America comes a month after similar moves by the US government earlier this month against Wells Fargo and JP Morgan Chase.

JP Morgan was alleged for defrauding investors who lost more than USD 20bn on mortgage-backed securities sold by Bear Sterans. Wells Fargo was sued for alleged mortgage fraud


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