Daily News: October 29, 2012

Reuters: BofA Employees Could Face Fraud Charges


Reuters reported that Bank of America employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac, citing a prosecutor.

Reuters said the comments were made at a hearing in Manhattan federal court to set a timetable for the U.S. Department of Justice’s civil fraud lawsuit during which the judge asked the prosecutors to amend their complaint by year end.

To read the Reuters article click here.