Haters of the big banks cheered when Federal prosecutors decided to sue Bank of America (NYSE: BAC ), alleging that they defrauded Fannie Mae and Freddie Mac of at least $1 billion. But they shouldn't have. Because no matter how satisfying it might be to see justice done after the financial crash of 2008, the truth is the real crooks have already gotten away. Now four years later, the only people that will suffer will be the bank's unfortunate shareholders, not the bad guys who perpetrated the scams that cost a fortune during the mortgage meltdown. After all, this wasn't the first lawsuit filed against Bank of America in this mess. Last year the Federal Housing Finance Agency filed suit against the bank for similar offenses. And in February the bank agreed to a $1 billion settlement of a case brought by the Brooklyn attorney's office claiming fraud on guarantee claims against the Federal Housing Agency. Also in February, the bank and five other mortgage lenders combined to agree to a $25 billion settlement of claims over mortgage fraud. Now, according to estimates by Credit Suisse, the final cost to Bank of America of all the lawsuits relating to mortgage fraud during the bubble will come to around $40 billion. And guess where that will come from?... To continue reading, please click here...