| Oct 24, 2012 3:09PM Bank of America (BOA) was sued in Federal Court today for civil mortgage fraud in a complaint seeking civil penalties as well as treble damages and penalties. The suit alleges that Fannie Mae and Freddie Mac lost over 280422 billion because of defaulted loans fraudulently sold them by Countrywide Mortgage and BOA. The suit alleges the from at least 2007 through 2009 implemented a new loan origination process called the "Hustle," which was intentionally designed to process loans at high speed and without... Oct 24, 2012 1:43PM The enormous numbers of foreclosures over the last six years have, of course, had immediate impacts on the families who lose their homes. The effects include physical displacement, drained savings and retirement accounts, and ruined credit. They also suffer longer-term financial impacts such as losing the ability to tap home equity for business or education purposes or retirement as well as losing the financial cushion home equity provides and the main vehicle for transferring wealth inter-generationally...
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