us sues bank of america for fraud over mortgage bonds
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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US sues Bank of America for fraud over mortgage bonds

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Arab Today, arab today US sues Bank of America for fraud over mortgage bonds

Arab Today

The US Tuesday filed suit against Bank of America for defrauding investors over the sale of $850 million in mortgage-backed securities ahead of the housing bust. The Department of Justice civil complaint alleges Bank of America lied to investors about the riskiness of the mortgage loans backing the securities, and intentionally avoided performing adequate due diligence on the mortgages, leading to investor losses surpassing $100 million.

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