US Bancorp (USB) sues Bank of America (BAC), alleging breach of contract on a pool of mortgages...

|By:, SA News Editor

US Bancorp (USB) sues Bank of America (BAC), alleging breach of contract on a pool of mortgages it bought from Countrywide in 2005. The suit alleges the mortgages were made in violation of the lender's underwriting standards and quickly turned delinquent, at which point Countrywide refused to buy back the paper.