I love it. Its about time the banks had to pay for their crookedness.
Bank of America is charged with defrauding investors who bought residential mortgage-backed securities (RMBS) from the firm. The Securities and Exchange Commission (SEC) alleges that the bank failed to tell investors that more than 70 percent of the mortgages backing the offer – called BOAMS 2008- were not worth the paper they were written on. Just what i said back in 2005.
[note color=”#ffffff”]“In its own words, Bank of America [highlight bg=”#fc0″ color=”#000″] shifted the risk’ of loss[/highlight] from its own books to unsuspecting investors, and then ignored its responsibility to make a full and accurate disclosure to all investors equally,” said George S. Canellos, Co-Director of the SEC’s Division of Enforcement. “This is one in a long line of RMBS-related enforcement actions brought by the SEC to hold entities accountable for wrongdoing connected to the financial crisis.”[/note] [note color=”#ffffff”]B of A stated that all the information was there and if the investors did not check it, it is their fault.ARE YOU KIDDING?
The Department of Justice today is doing the same thing against Bank of America for violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).[/note]
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