NY Attorney General Reportedly Investigating BOA over Mortgage Securities

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Posted To: MND NewsWire

Reuters is reporting that Bank of America (BOA) is the subject of yet another investigation. New York State Attorney General Eric Schneiderman is allegedly looking at the bank's purchase, securitization, and underwriting of home mortgages. BOA would be the third bank targeted by Schneiderman's office over securitization practices. Reuters took its information from a 10-k securities filing by the bank in which it said it was cooperating with the investigation. In the filing with the Securities and Exchange Commission BOA said it could sustain up to $3.1 billion in legal losses beyond the amount for which it has reserved. That was up from a possible loss above legal reserves of $2.8 billion at the end of the third quarter. According to Reuters the attorney general's office has another case pending...(read more)

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Source: http://www.mortgagenewsdaily.com/03012013_boa_mortgage_fraud.asp

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