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BofA close to beating DOJ $850M RMBS fraud suit

Bank of America BAC-1.1%’s legal troubles just got more complicated today as US regulators accused it of fraud over mortgage securities. The SEC and Department of Justice filed a civil suit today against BofA claiming the bank defrauded investors when it sold mortgage securities backed by more.

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Bank Of America Sold $850M In ‘Toxic Waste’ Mortgage Securities: DoJ The SEC and Department of Justice filed a civil suit today against BofA claiming the bank defrauded investors when it sold mortgage securities backed by more than $855 million in residential mortgages.

Bank of America (BAC) and two subsidiaries are now facing SEC charges for allegedly bilking investors in an residential mortgage-backed securities offering that led to close to $70M in losses and about $50 million in anticipated losses in the future. The US Department of Justice also has filed its securities lawsuit over the same allegations.

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Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange Commission’s claims against it in SEC v. Bank of America Corporation, et al.

The US government has filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of US$850. and Wachovia bank national association, the Justice Department.

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The Securities and Exchange Commission today charged Bank of America and two subsidiaries with defrauding investors in an offering of residential mortgage-backed securities (rmbs) by failing to disclose key risks and misrepresenting facts about the underlying mortgages.

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The settlement came as BofA said its legal. from governmental members of the RMBS Working Group of the Financial Fraud Enforcement Task Force. The bank has also been targeted in a U.S. Department.

Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things. then an independent public company (and now part of Bank of America). Prior.

Bank of America close to beating DOJ 0m rmbs fraud suit he U.S. Department of Justice has not proven its charges that Bank of America ( BAC ) misled investors about the quality of loans bundled into $850 million in mortgage-backed securities.

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