“The U.S civil action seeks at least $1 Billion.US Federal prosecutors sued Bank of America with a $1 billion-plus civil mortgage fraud lawsuit Wednesday, accusing the bank of engineering a scheme that defrauded federally backed mortgage buyers Fannie Mae and Freddie Mac during the national financial crisis.
The U.S complaint filed in U.S. District Court in New York accuses the Bank of America of using a loan origination program called the “Hustle” to process mortgage applications at high speed with little checking for fraud, misstatements or other wrongdoing.”
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