Fannie Mae-No Politics (FNMA)

[AncientAries]

Bank of America fails to end U.S. govt's mortgage fraud lawsuit


NEW YORK | Tue Aug 27, 2013 11:50am EDT

Aug 27 (Reuters) - Bank of America Corp failed to persuade a federal judge to dismiss a lawsuit in which the United States accused it of causing taxpayers more than $1 billion of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac

In an order made public on Tuesday, U.S. District Judge Jed Rakoff in Manhattan said there are "genuine factual disputes" involving at least one of the government's theories to warrant letting the case continue.

Rakoff ruled four weeks before a scheduled Sept. 23 trial.

GUILTY AS SIN