BIG NEWS | BofA employees could face charges in US fraud case - prosecutor

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BIG NEWS | BofA employees could face charges in US fraud case – prosecutor

BIG NEWS | BofA employees could face charges in US fraud case – prosecutor

What about the CEO’s that were in place at the time?


Reuters-

Bank of America Corp employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac, a prosecutor said on Thursday.

The comments were made at a hearing in Manhattan federal court to set a timetable for the U.S. Department of Justice’s first civil fraud lawsuit over mortgage loans sold to the two big mortgage financiers, which the government had announced on Wednesday. Fannie Mae and Freddie Mac were bailed out and put in government conservatorship in 2008.

“Potentially, the government may amend its complaint to include individuals, present or former employees of Bank of America,” Assistant U.S. Attorney Pierre Armand told U.S. District Judge Jed Rakoff.

The judge asked the prosecutors to amend their complaint by year end. The case involves mortgage lender Countrywide Financial Corp, which Bank of America bought in July 2008.

[REUTERS]

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5 Responses to “BIG NEWS | BofA employees could face charges in US fraud case – prosecutor”

  1. JIMI says:

    no merci for bank of america that still robo-sign documents and attempt to steal homeowners homes by fraud today all over america
    courts.

  2. Brother, the bank represenative states at some point the bank can not meet all the litigation against them. Does that mean they are going to throw the towel in and do BK and just go to jail? If you have a pending lawsuit in the Appeals court what then? The bank gets off scott free for destroying America and American lives?

  3. These banks have shown no mercy what so ever and are responsible for ruined lives deaths and the ruin of America.

  4. Michael Helmer says:

    Im currently getting my life ruined and becoming homeless because of B of A and their fraud/ forgery. I have Docs with the Vice President,Business Control Manager of B of A signing as an employee of MERS giving B of A the “power of sale” in order to foreclose. Their loan modification efforts since im on state disability are a ridiculous waste of time. They “lost” my modification papers and also took 2 months to respond to phone calls/ e-mails. Good thing they contacted me AFTER my home was sold.. Ridiculous.

  5. James says:

    @ Michael Helmer,

    Sorry you are going through so much. I’m dealing with similar craziness and fraud with BoA. BoA started foreclosure against me over a year ago, and I’m fighting it tooth and nail, but I just got a letter from BoA last week telling me it plans to foreclose the mortgage and I should expect service of process and I will have to go to court. So my question is who the heck is suing me now!

    I’m writing a letter to my AG and DA now to ask them to find out.

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