The US Attorney's office alleged in a statement on Wednesday that Countrywide - the mortgage giant now owned by Bank of America - labelled defective mortgages as high-quality and sold them to state-controlled mortgage lenders Fannie Mae and Freddie Mac, resulting in billions of dollars of losses.
This is the first civil fraud suit brought by the Department of Justice concerning mortgage loans sold to Fannie Mae or Freddie Mac.
See the full story at www.telegraph.co.uk.
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