Bank of America (NYSE: BAC) Sued By Federal Government

Oct 27, 2012 | Posted by: roboblogger | Full story: Daily Political

Bank of America Corp. , dogged by lawsuits for the past four years, now has another one on it's plate - and this one may gain the most exposure yet.

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Jesse

UK

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Judge it!
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#1
Oct 28, 2012
 
Good.
Dorothy Weikel

Spring Hill, FL

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#2
Oct 28, 2012
 
They should be Punished! I know people that when they took over Country Wide their payments jumped over $100. Per Mo. They claim it was Taxes had gone up but, they had not. they are and have been crooks from the first!!!

“Reverse mortgage loan Texas”

Since: Sep 12

Kingwood, TX

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#4
Nov 7, 2012
 
The action, filed Wednesday in federal court in Manhattan, seeks at least $1 billion in damages. The filing represents a novel effort by the government to defray costs tied to the 2008 bailout of Fannie and Freddie, and potentially opens a new front against a banking industry already dealing with hefty legal costs.

The government alleges Countrywide Financial Corp., the mortgage company Bank of America BAC -7.14% acquired in 2008, dismembered checks on loan quality in 2007 through 2009, adopting a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. The mortgage unit falsely continued to claim the loans qualified for insurance from Fannie Mae FNMA +8.07% and Freddie Mac FMCC +11.11%, the complaint alleges.

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