Bank of America Corp (NYSE:BAC) gigantic Jumbo mortgage legal battles

Posted by Peter Lauro August 2, 2013 0 Comment 3369 views

Bank of America Corp (NYSE:BAC) said that the state and federal agencies are

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planning on pressing additional civilian claims connected to debt and mortgage offerings. This means that the bank will now have to face another chain of legal battles cialis online that are tied to underwriting and home loans.

Yesterday, in a regulatory filing the bank said that the United States Department of Justice and the SEC may bring in civil claims on the securitizations that are backed by jumbo mortgages. There is

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a possibility that the SEC might also take some action on Merrill Lynch’s collateralized debt-obligations sales. The firm said that the Attorney General of cialis New York might bring in claims against Merrill over various residential mortgage-backed instruments.

The newest hurdle

Brian Moynihan, BAC’s CEO has been trying to escape fallout from the casino cap costs that have stemmed from the Merrill Lynch & Co and Countrywide Financial Corp acquisitions as well as from the credit crisis. These lawsuits can be a definite hurdle on that path. The bank has already shelled out over $45B on litigation, refunds and settlements to investors. All of these tied to shoddy servicing and mortgages.

The Jumbo loans

BAC is the 2nd largest lender in the U.S, in terms of assets. It said that they have received subpoenas as well as some other information requests that are related to CDO’s and mortgage securities that had been created when there was a housing boom. Jumbo loans are those loans that are larger than what government-supported programs permit.

In a filing, Bank of America Corp (NYSE:BAC) said that it is in discussions with the regulators and they are asking clarification about the civil charges. A Bank of America spokesperson said that there has been a progress around certain issues and outstanding matters will also be looked into.

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