[Occupymendocino] Fwd: US sues Bank of America for $1bn over loans

[Linda Jupiter]

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> Breaking news
> Wednesday October 24 2012
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> Breaking News
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> US sues Bank of America for $1bn over loans
> The US Department of Justice sued Bank of America for more than $1bn  
> on Wednesday, alleging the bank committed civil fraud by selling  
> defective home loans to US government-backed mortgage companies.
> The lawsuit said that Countrywide, the California-based mortgage  
> originator that BofA bought in 2008, implemented a process called  
> the “Hustle” to deal with loans at high speed without checking their  
> quality.
> Thousands of loans were then sold to Fannie Mae and Freddie Mac,  
> which guarantee most US mortgages, and later defaulted, the Justice  
> Department’s lawsuit claims.
>
> http://link.ft.com/r/M2ZOXX/OFSDSJ/IY3VMR/30RS2Y/4VA76Y/ZH/h?a1=2012&a2=10&a3=24
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