Don't get your knickers in a twist but according to the press release; U.S. attorney Preet Bharara
accuses Bank of America countrywide unit of
scheming to defraud fannie mae, freddie mac * U.S. attorney says bank
implemented a loan origination process, the "hustle," that generated
thousands of fraudulent, defective home loans that later defaulted.
U.S. attorney says loans were sold to fannie mae and freddie
mac, causing over $1 billion losses and
thousands of foreclosures. The U.S.
attorney says civil fraud case is first by U.S. Department of Justice over
mortgage loans sold to fannie mae or freddie mac…
Don’t touch that dial.
Stay tuned sports fans at http://www.reuters.com/article/2012/10/24/bankofamerica-brief-idUSWEN808520121024
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