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U.S. Said to Prepare Mortgage Lawsuit Against BofA, JPMorgan

Bank of America Corp. and JPMorgan Chase & Co. are among lenders that may face a lawsuit by the U.S. Federal Housing Finance Agency over faulty mortgage loans, according to six people with knowledge of the matter.

The agency representing Fannie Mae and Freddie Mac is likely to act before next week’s deadline for legal claims, according to the people, who weren’t authorized to speak publicly. The amount may dwarf the $20 billion sought from the biggest mortgage servicers in a separate probe of lending and foreclosures by 50 state attorneys general, one person said.