A billion-dollar lawsuit that federal authorities filed Wednesday against Bank of America Corp. (BAC) provides a rare detailed glimpse of the allegedly dirty mortgage doings that have long tarnished the Charlotte, N.C. bank's relationship with Fannie Mae and Freddie Mac.

The civil suit was filed in Manhattan federal court by Preet Bharara, the U.S. Attorney for the Southern District of New York. It accuses Bank of America of fraudulently manipulating and concealing data related to home mortgages that it sold to the government-sponsored entities. Bharara's suit seeks $1 billion in damages.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.