US sues Bank of America for $1 billion in mortgage fraud case

[JURIST] US Attorney Preet Bharara [official profile] on Wednesday filed a $1 billion civil lawsuit [complaint, PDF] against Bank of America (BOA) [corporate website; JURIST news archive] claiming the bank committed fraud in residential mortgages. The claim was filed in the US District Court for the Southern District of New York (SDNY) [official website] and alleges [press release] that Countrywide Financial, a home mortgage originator subsequently purchased by BOA, initiated a program to originate residential mortgages with increased speed that...

Source: http://jurist.org/paperchase/2012/10/us-sues-bank-of-america-for-1-billion-in-mortgage-fraud-case.php

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