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Bank of America Corp
Bank of America Corp. (BAC) was sued by the U.S. attorney in Manhattan for allegedly engaging in a scheme to defraud Fannie Mae and Freddie Mac.
The complaint alleges that Countrywide Financial Corp., which was later bought by Bank of America, implemented a loan- origination process that generated thousands of fraudulent or defective loans that were sold to Fannie Mae and Freddie Mac, according to a statement today from the Manhattan U.S. Attorney’s Office.
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