Bank of America sued by US Bancorp over mortgages
The latest comes from U.S. Bancorp, which wants Bank of America Corp. to repurchase poorly-written mortgages sold by Countrywide Financial in 2005.
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#1 Sep 1, 2011
Bank of America Settlement Faces Growing Challenges
On Tuesday, several homeowners filed suit in Federal District Court in Manhattan, seeking to block a proposed $8.5 billion settlement between Bank of America and major mortgage investors, including BlackRock, Pimco and the Federal Reserve Bank of New York. The suit says the deal fails to address widespread servicing problems and would actually speed up foreclosures.
In a separate new case, U.S. Bancorp, the trustee of a $1.75 billion mortgage pool originated by Countrywide Financial in 2005, sued to force Bank of America to buy back the underlying mortgages, arguing that the loans were made without proper documents and did not conform to underwriting standards.
Since: Nov 09
#2 Sep 2, 2011
From 4-6 months I am listing to several things about Bank of America and this is something very awful.
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