Bank of America (BAC) asks a federal judge to dismiss a $1B DOJ lawsuit accusing its Countrywide...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC) asks a federal judge to dismiss a $1B DOJ lawsuit accusing its Countrywide unit of selling defective mortgages to Fannie and Freddie just as the real estate market was busting. District Judge Jed Rakoff - after hearing arguments this morning - says he intends to issue a ruling in about two weeks.