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U.S. sues Bank of America over sale of $850 million in mortgage-backed securities
The Washington Post: Traders at Bank of America willfully misled investors about the quality of the residential mortgages tucked into the securities the bank sold at the start of the financial crisis, according to separate lawsuits filed Tuesday by the Justice Department and the Securities and Exchange Commission.
The charges are the latest reckoning for the nation’s second-largest bank, which has been plagued by a series of lawsuits stemming from the housing crisis. The bank has been accused of discriminating against mortgage applicants, saddling the government with billions of dollars in troubled loans and a range of foreclosure abuses.
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