Bank of America fails to end U.S. govt's mortgage fraud lawsuit

NEW YORK Tue Aug 27, 2013 11:50am EDT

NEW YORK Aug 27 (Reuters) - Bank of America Corp failed to persuade a federal judge to dismiss a lawsuit in which the United States accused it of causing taxpayers more than $1 billion of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac

In an order made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan said there are "genuine factual disputes" involving at least one of the government's theories to warrant letting the case continue.

Rakoff ruled four weeks before a scheduled Sept. 23 trial.

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Comments (2)
HueyCrewChief wrote:
They need to invetigate all mortage companies for misleading the American public with the the different government plans and how the stole thousands of house with bad/ albeit harmeful advice. Take Cenlar fin. their loan officers would take your information then tell you to let your account go delinquent to get you on a goverment programe. Then after you do you don’t qualify for the program after all, but then there is another and another that you don’t qualify for now your 23,000 in the hole and and it either pay or be forclosed. Ask Monica Feinstein over at Cenlar how she use to do it.

Aug 27, 2013 1:27pm EDT  --  Report as abuse
HueyCrewChief wrote:
The government need to invetigate Mortage broker like Cenlar for predatory forcloser. Loan Administrators like Monica Feinstein woould tell you to go ito defualt with the promise of getting you on lower rates with a goverment programe.Then string you along till you were about 23,000 in the rears. Then it was either pay up or lose your house. These people are the ones who give mortgage lenders and Banks bad names. Then the Banks promote them up the chain. These people should have to pay for destroying peoples lives and families.

Aug 27, 2013 1:31pm EDT  --  Report as abuse
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