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American Capital Agency Corp. Message Board

  • eagledragon1 eagledragon1 Oct 23, 2013 6:06 PM Flag

    Bank of America found liable for fraud

    NEW YORK (Reuters) - Bank of America Corp was found liable for fraud on Wednesday on claims related to defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few big trials stemming from the financial crisis.

    Following a four-week trial, a federal jury in Manhattan found the Charlotte, North Carolina bank liable on one civil fraud charge. Countrywide originated shoddy home loans in a process called "Hustle" and sold them to government mortgage giants Fannie Mae and Freddie Mac , the government said.

    Is it possible some of these loans were incorporated into tranches purchased from both FMs by publicly traded REITs? If so, would these REITs have legal recourse to sue?

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21.88-0.23(-1.04%)Apr 17 4:00 PMEDT

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