'Massive fraud' at center of trial against BofA over U.S. mortgages

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‘Massive fraud’ at center of trial against BofA over U.S. mortgages

‘Massive fraud’ at center of trial against BofA over U.S. mortgages

Reuters-

Bank of America Corp’s Countrywide unit placed profits over quality in a “massive fraud” selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday.

The claim came at the start of the first case by the government to go to trial against a major bank over defective mortgage practices leading up to the 2008 financial crisis.

Pierre Armand, a lawyer in the civil division of the U.S. Attorney’s Office in Manhattan, said Countrywide made $165 million selling loans that it promised were investment quality to Fannie and Freddie.

“What documents and witnesses will show is that the promise of quality was largely a joke,” Armand said.

[REUTERS]

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