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Saturday, August 24, 2013

US gov't sues BofA over mortgage bond sale - Yahoo! Finance


(AP) — The U.S. government has accused Bank of America Corp. of civil fraud, saying the company failed to disclose risks and misled investors in its sale of $850 million of mortgage bonds during 2008.

The Justice Department filed a lawsuit Tuesday against the bank and several subsidiaries in federal court in Charlotte, N.C., where Bank of America is based. The Securities and Exchange Commission filed a related lawsuit against Bank of America there, too.

Bank of America disputed the allegations.

Read more...US gov't sues BofA over mortgage bond sale - Yahoo! Finance

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