Bank of America is sued by the U.S. for $1 billion

Discussion in 'Up to the Minute' started by Kimster, Oct 24, 2012.

  1. Kimster

    Kimster Former Member

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    Bank of America is sued by the U.S. for $1 billion for allegedly selling bad loans to Fannie Mae and Freddie Mac.

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  3. Kimster

    Kimster Former Member

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    The suit alleges that "the Hustle" was a nickname for the bank's "High-Speed Swim Lane" or HSSL program, designed to streamline the mortgage origination process.


    The government says the program was started by mortgage lender Countrywide Financial, but continued after it was purchased by Bank of America in 2008.

    http://money.cnn.com/2012/10/24/news/companies/bank-of-america-lawsuit/
     
  4. legalmania

    legalmania Verified Paralegal

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