Bank of America sued by DOJ over MBS


The DOJ sues Bank of America (BAC -0.8%) for alleged fraud over $850M in MBS issued in 2008.

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Comments (9)
  • Just_woodman
    , contributor
    Comments (39) | Send Message
     
    Here we go again!! somehow this bank has a target on it, and for the life of me I can't figure how the law firm representing BAC let these things happen. Or!!!!!! Is management not taking their legal advice?? This is not some fly by night company, or is it??
    6 Aug 2013, 04:17 PM Reply Like
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    BAC has a full time legal staff and the DOJ government employee lawyers aren't up to snuff.
    6 Aug 2013, 04:39 PM Reply Like
  • James Myung
    , contributor
    Comments (492) | Send Message
     
    This is a good news. Possibly, the US is trying to end the endless case with this single lawsuit. The damage based on other article is around 70M. Clean up the mess with ONLY 70M, and here we go the new money laundered BAC. Woohoo.
    6 Aug 2013, 07:01 PM Reply Like
  • healthpicker
    , contributor
    Comments (1098) | Send Message
     
    BAC/ML legacy is sometimes worse than CFC legacy. Get it?
    6 Aug 2013, 09:25 PM Reply Like
  • jackooo
    , contributor
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    Chump change.
    7 Aug 2013, 11:25 AM Reply Like
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    They can buy back all the bonds and take all the DOJ lawyers to lunch and resell the bonds at a profit where some are selling over par value. Net impact on the balance sheet is nill except for a write down of the litigation set aside.
    8 Aug 2013, 09:15 AM Reply Like
  • healthpicker
    , contributor
    Comments (1098) | Send Message
     
    I love the people that think this latest law suit doesn't matter. This is about crime and punishment not balance sheets and P&Ls. How far have USA moral values fallen?
    8 Aug 2013, 06:46 PM Reply Like
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    So who do you want to punish? The thousands of employees, stock holders and customers of the bank? Why not just go after to the individuals who were at fault?
    9 Aug 2013, 10:38 AM Reply Like
  • healthpicker
    , contributor
    Comments (1098) | Send Message
     
    I couldn't agree more - but all these settlements that we have seen over the years doesn't force the wrong doers to admit they have done anything wrong. The innocent shareholders have to pay. It is the USA legal system that is at fault - about time there was more concern for crime and punishment than $$ settlements for damages. Has anyone seen any Directors being sued for breach of fiduciary duty - wait a minute I think there is one in progress on the Board at CFC when they made all of those wonderful mortgages - or is it Lewis and his Board that agreed to buy CFC and then withheld important information about the ML takeover.
    So sad.
    9 Aug 2013, 06:21 PM Reply Like
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