IF BOAF is been sued by 1 Billion .. we all have part of it... JR .. comments

When I approach BOA to negotiate my house or come to an agreement based on the actual property value and not the mortgage value, BOA reply in person and in letter saying that ITS NOTHING TO BE DONE WITH MY LOAN. NOT ABLE TO MODIFY OR TO RE NEGOTIATE THE LOAN SINCE FANNIE MAE DOES NOT ALLOW IT.. WHOM CAUSE MY CASE.. ? If it was BOA whom sold my loan to Fannie Mae why wont BOA respond to me accepting new property value based on new market value and modifying the loan and terms. If BOA is been SUED do I have part of that claim.  ? we should since we where affected by BOA and its financials moves.  JR

Bank of America sued for alleged mortgage fraud

By Chris Isidore @CNNMoney 

NEW YORK (CNNMoney) -- The Justice Department is seeking $1 billion from Bank of America, alleging the bank committed fraud by selling defective mortgages from a program it says was known within the bank as "the Hustle."

Those mortgages were purchased by government-backed mortgage finance firms Fannie Mae and Freddie Mac, resulting in over $1 billion in losses for taxpayers and countless foreclosures, according to the complaint announced Wednesday the U.S. Attorney for the Southern District of New York.

The suit alleges that "the Hustle" was a nickname for the bank's "High-Speed Swim Lane" or HSSL program, designed to streamline the mortgage origination process. But the government alleges it was "intentionally designed to process loans at high speed and without quality checkpoints, and which generated thousands of fraudulent and otherwise defective residential mortgage loans."

The government says the program was started by mortgage lender Countrywide Financial, but continued after it was purchased by Bank of America in 2008.