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‘Massive Fraud’ at Center of BofA Mortgage Trial

Bank of America Corp’s Countrywide unit placed profits over quality in a “massive fraud” selling shoddy mortgages to Fannie Mae and Freddie Mac, a U.S. government lawyer said on Tuesday. The claim came at the start of the first case by the government to go to trial against a major bank over defective mortgage practices leading up to the 2008 financial crisis.

via ‘Massive fraud’ at center of trial against BofA over U.S. mortgages | Reuters.

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