BofA Says Feds' $1B Junk Mortgage Claims Too Vague

Law360, New York (April 12, 2013, 6:31 PM EDT) -- Bank of America Corp. again urged a New York federal judge on Thursday to dismiss a $1 billion False Claims Act suit against the bank over junk mortgage loans, arguing that the U.S. government's allegations of a fraud scheme are too vague and relied on misinterpretations of federal law.

The bank said in a filing Thursday that the government's application of the Financial Institutions Reform, Recovery Enforcement Act in its FCA suit “twist[s] the statutory language and purpose beyond recognition.” FIRREA is limited to fraud that...
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