On This Day - What happened 24 October 2012 AD
Check most memorable events 24 October 2012 AD.Genk, Belgium Wednesday Oct 24, 2012 New York City, New York, U.S. Wednesday Oct 24, 2012 Bank of AmericaTop federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion
New York City, New York, U.S. Wednesday Oct 24, 2012 On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High-Speed Swim Lane.
U.S. Wednesday Oct 24, 2012 Bank of AmericaAmerican federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act
U.S. Wednesday Oct 24, 2012 On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA, and the special inspector for the Troubled Asset Relief Program.
