BAC又出事了？Feds sues B. of A. over $850 mln MBS sales# Stock
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Feds sues B. of A. over $850 mln MBS sales
WASHINGTON - Federal regulators on Tuesday filed civil charges against Bank
of America Corp. BAC -1.08% alleging that the big bank lied to its investors
about the riskiness of loans packaged and sold in $850 million worth of
mortgage-backed securities. The Justice Department and Securities and
Exchange Commission filed a civil complaint alleging that Bank of America
defrauded investors when it sold them the securities. The civil charges come
after the bank said in a regulatory filing that it expected civil charges.
According to the Justice Department, one member of the Bank of America
securities sales team in 2007 sent an email to other traders expressing
frustration over the efforts to add poor quality mortgages to the package,
noting that "like a fat kid in dodgeball, these need to stay on the
sidelines."
WASHINGTON - Federal regulators on Tuesday filed civil charges against Bank
of America Corp. BAC -1.08% alleging that the big bank lied to its investors
about the riskiness of loans packaged and sold in $850 million worth of
mortgage-backed securities. The Justice Department and Securities and
Exchange Commission filed a civil complaint alleging that Bank of America
defrauded investors when it sold them the securities. The civil charges come
after the bank said in a regulatory filing that it expected civil charges.
According to the Justice Department, one member of the Bank of America
securities sales team in 2007 sent an email to other traders expressing
frustration over the efforts to add poor quality mortgages to the package,
noting that "like a fat kid in dodgeball, these need to stay on the
sidelines."
