Bank Of America: U.S. fraud case is 'Alice In Wonderland'

NEW YORK: The U.S. government has failed to produce any evidence to show that Bank ofAmerica Corp's Countrywide unit committed mortgage fraud in the run-up to the financial crisis, a lawyer for the bank said on Tuesday.

The remarks came at the end of a four-week trial in which the government said Countrywide lifted controls on mortgages in a process called "Hustle," and then intentionally sold the resulting bad loans to government-sponsored mortgage giants, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) .