Feds open BofA mortgage trial with allegations of 'massive fraud'

Bank of America’s Countrywide unit made $165 million and committed “massive fraud” in providing mortgages to Fannie Mae and Freddie Mac, a government prosecutor claimed in opening arguments in the first case the government has brought against a major bank over boom-era lending practices.

Bank of America attorney Brendan Sullivan said there was “no fraud. Two words. That’s the heart and soul and body of the defense. No fraud. And that’s what the evidence will show.” Source: reuters.com