The U.S. Justice Department is suing Bank of America over alleged mortgage fraud perpetrated against Fannie Mae and Freddie Mac by Countrywide, the giant mortgage originator purchased by Bank of America.

The government’s complaint seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 for engaging in a scheme to defraud the two government-sponsored enterprises, according to an announcement from Preet Bharara, the U.S. Attorney for the Southern District of New York.

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Peter Westerman

 

Credit Union Times

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