October 24th, 2012
12:25 PM ET

U.S. suing Bank of America for $1 billion

The U.S. government is suing Bank of America for more than a billion dollars.

The lawsuit claims the bank waged a "multi-year mortgage fraud against government-sponsored entities Fannie Mae and Freddie Mac," according to the U.S. Attorney's office in Manhattan.

Follow CNNMoney for details.

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Filed under: Business • Economy • Finance
soundoff (25 Responses)
  1. Omar

    Is your money safe in Checking/Saving accounts at Bank of America?
    I recently have a very bad experience that has severely damaged my confidence level at BOA.
    1. On 01-Oct-2012 (Mon) – I went to a BOA Banking Center and deposited a check in my savings account. My Online Banking identified my deposit as “In process”.

    2. 02-Oct-2012 (Tue) – Interestingly, my deposit transaction MYSTERIOUSLY dis-appeared from the savings account (checked through online banking).

    3. 3-4 Oct-2012 (Wed-Thu) – Periodically logged on to Online Banking various times, hoping the missing transaction would appear as credit, but no luck.

    4. 05-Oct-2012 (Fri) – Went again to the Banking Center (same where I deposited my check) and inquired the teller about the missing transaction but she was not able to locate it.
    – Banking Center Manager requested me to accompany him to his office. He tried to find the specific transaction but no avail. The manager noted down my contact information and promised to research the issue.
    – In about 90 minutes, manager called my cell phone and informed me that he was able to locate the missing transaction. He also mentioned that my account would be credited overnight and the issue is due to the processing error.

    I urge all of you to re-check your recent deposits at BOA. The “Too Big To Fail” bank has invented another way to steal money from its customers.

    November 1, 2012 at 10:34 pm | Report abuse |
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