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NOSHIT! Skank OF Ameristasi Sold $850M 'Toxic Waste' Mortgage Securities DOJ
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2013 Aug 6, 8:47am 888 views 1 comment
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Heraclitusstudent
2013 Aug 6, 10:51am
Heraclitusstudent
2013 Aug 6, 10:51am
It's not $850M they wrote. More like 850 billions.
But hey... slapping a bank on the hand 5 yrs later is apparently enough to pretend you're doing something.
Honestly what idiot did not know this and a lot worse that the so-called industry(too big to fail monopolies) have done, preparing to do so or currently working on a SCAM!
Bank Of America Sold $850M In 'Toxic Waste' Mortgage Securities: DoJ
Bank of America BAC -1.08%‘s legal troubles just got more complicated today as US regulators accuse it of fraud over mortgage securities.
The SEC and Department of Justice filed a civil suit today against BofA claiming the bank defrauded investors when it sold mortgage securities backed by more than $855 million of residential mortgages.
Bank of America entities in 2008 sold the RMBS (residential mortgage backed securities) and told investors they were backed by high quality, prime mortgage loans. In reality, BofA knew that the loans subject to underwriting errors, would become severly delinquent and fail early in the life of the loan, according to the SEC’ suit.
http://www.forbes.com/sites/halahtouryalai/2013/08/06/bank-of-america-hit-with-fraud-suits-over-855m-in-mortgage-securities/
#housing