That’s the word from presiding U.S. Magistrate Judge David Cayer, who is recommending that the case be dismissed.
Attorneys for the Justice Department can appeal the recommendation for dismissal.
The case against Bank of America is one in a series of prosecutions being brought by U.S. attorneys against financial institutions under the Financial Institution Reform, Recovery and Enforcement Act of 1989. The law allows the government to sue for fraud rather than just charge institutions with a crime when the alleged fraud is against a federally insured institution.
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