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Released: October 25, 2012
Government crusade against mortgage lenders
Source: Danielle Douglas, Washington Post (Free Registration)
Federal prosecutors on Wednesday accused Bank of America of selling Fannie Mae and Freddie Mac thousands of shoddy mortgages that caused more than $1 billion in losses, the latest in a string of government cases against big banks for sins of the housing crisis. The recent surge of government charges and settlements is aimed at holding the nation’s biggest lenders accountable for an array of alleged wrongdoing — including selling bad loans to investors or federal agencies, using fraudulent documents to foreclose on struggling homeowners and charging blacks and other minorities higher rates than whites.Read Full Article: Government crusade against mortgage lenders
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