After $10B Fannie deal, U.S. attorney, Preet Bharara not backing off Bank of America

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After $10B Fannie deal, U.S. attorney, Preet Bharara not backing off Bank of America

After $10B Fannie deal, U.S. attorney, Preet Bharara not backing off Bank of America

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.

[WASHINGTON BUSINESS JOURNAL]

image: Time Magazine

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3 Responses to “After $10B Fannie deal, U.S. attorney, Preet Bharara not backing off Bank of America”

  1. Sarah says:

    BOA only? “…… had sold government agencies such as Fannie Mae billions of dollars in mortgages that were advertised as meeting government standards. “

  2. lies is all they tell says:

    predatory loans are the meat and potatoes of this fraud. there are numerous other bsnks that gave predatory loans. This is an outrage yet i see not one person speaking up. sad state when banks can not be trusted. predatory loans is why and the how we were all incduced into foreclosure. you cant give no doc mortgage loans to people that have worked all their lives. if yhey wanted to do that to the dumb and unkowing that lie about their income thats fine the rest of us are harding working individuals that deserved the best when buying our homes and yet we get the short end of the bailout and no one helping us, no my salary goes down 50$ a month. nice so much for any raise i got or am going to get.
    no doc mortgage loans gave the broker freedome to write what ever income she wanted. this is unfair we all trusted. that income verifcaiton would be done ad if there was a possibility we could not afford this house please tell us. no that is not what happened they wanted these mortgages to fail. how can our governemtn stand by and let these banks contiue.

  3. JIMI says:

    ROBO SIGNERS BANK OF AMERICA ARE STILL FORGEING PAPER WORK
    IN US COURTS CLAIMING OWNERSHIP OF TRUSTS THAT DO NOT EXIST FOR YEARS
    AND ILLEGALY STEALING HOMEOWNERS HOMES THE PRESSURE MUST BE KEPT ON THEM UNTILL THEY STOP THE FRAUD AND START ACTING HONESTLY

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