BANK OF AMERICA PURPOSELY HINDERS FEDS INVESTIGATION OF FRAUD IN HANDLING FORECLOSURES

A federal auditor has reported to the courts that the Bank of America witheld key documents, prevented investigators from interviewing bank employees and engaged in other obstructive tactics relating to the government investigation of the banks handling of foreclosures. The government concluded that the Bank of America cheated taxpayers bypresenting false claims to the Federal Housing Administration. The Bank filed for federal reimbursement on foreclosed homes that sold for less than the outstanding loan balance using faulty documents. Other banks are also being investigated.