Washington Business journal-
Despite a settlement with an alleged victim, U.S. Attorney Preet Bharara will continue to prosecute Bank of America for selling allegedly fraudulent loans to Fannie Mae and other government-sponsored enterprises, his office tells the Charlotte Business Journal.
Bharara, U.S. attorney in the Southern District of New York, charged Charlotte-based BofA with fraud in a $1 billion federal lawsuit in October. He alleged in court documents that BofA had sold government agencies such as Fannie Mae billions of dollars in mortgages that were advertised as meeting government standards. However, the suit contends the loans actually lacked proper documentation and underwriting.
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