Los Angeles Business Journal

Prosecutor: Countrywide Defrauded Fannie and Freddie

Wednesday, October 23, 2013

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.