Prosecutor: Countrywide Defrauded Fannie and Freddie

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    Bank of America Corp.’s Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them thousands of loans known to be defective, a U.S. attorney said in closing arguments in a lawsuit against the lender, reports Bloomberg News, which was also told by sources that Bank of America faces three more Justice Department civil probes over mortgage-backed securities.