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October 24, 2012

U.S. Sues BofA for $1 Billion Over Mortgage Losses

 

“The federal government filed a civil lawsuit against Bank of America Corp., alleging the second-biggest U.S. bank by assets saddled taxpayers with losses by misrepresenting the quality of home loans it sold to mortgage-finance firms Fannie Mae and Freddie Mac.

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.”

Read full WSJ article here

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