BRIEF-US sues Bank of America for alleged mortgage fraud tied to Fannie Mae, Freddie Mac
Oct 24 (Reuters) - Bank of America Corp : * Sued in mortgage fraud lawsuit by U.S. attorney in Manhattan -- press release * U.S. attorney preet bharara accuses Bank of America countrywide unit of
scheming to defraud fannie mae, freddie mac * U.S. attorney says bank implemented a loan origination process, the "hustle,"
that generated thousands of fraudulent, defective home loans that later
defaulted * U.S. attorney says loans were sold to fannie mae and freddie mac, causing
over $1 billion losses and thousands of foreclosures * U.S. attorney says civil fraud case is first by U.S. Department of Justice
over mortgage loans sold to fannie mae or freddie mac