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New York AG Investigating BofA for Mortgages

reuters.comFebruary 28, 2013

Bank of America Corp (BAC.N) said in a securities filing Thursday that the New York State Attorney General is investigating the bank over the purchase, securitization and underwriting of home loans and mortgage-backed securities.

The second-largest U.S. bank said it was cooperating with the investigation and other similar inquiries. A Bank of America spokesman declined to comment beyond the filing.

The bank is the third known to be targeted by the New York attorney general's office over how banks bundled mortgage loans into securities during the housing boom.

In its annual report filing with the U.S. Securities and Exchange Commission, Bank of America also said it could sustain up to $3.1 billion in legal losses beyond the amount it has reserved. That was up from a possible loss above legal reserves of $2.8 billion at the end of the third quarter.

(Reporting By Rick Rothacker, Aruna Viswanatha, Karen Freifeld and Lauren Tara LaCapra; Editing by Tim Dobbyn and Martin Golan)


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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