Bank of America Should Face SEC Mortgage Suit, Judge Says

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Bank of America Should Face SEC Mortgage Suit, Judge Says

Bank of America Should Face SEC Mortgage Suit, Judge Says

How in the hell are ALL these cartels still in business? How? Why? Can anyone please tell us? Just wow…

Reuters-

Bank of America Corp. should face U.S. Securities and Exchange Commission claims over $855 million in mortgage-backed securities, said a judge who last week nudged the lender toward victory in a Justice Department suit over the same instruments by advising that it be thrown out.

Bank of America’s request to dismiss the SEC case should be denied because the regulator adequately laid out its claims that the bank didn’t disclose in offering papers that most of the pooled mortgages for the securities were bought wholesale from third-party brokers, U.S. Magistrate Judge David Cayer in Charlotte, North Carolina, said yesterday.

“The complaint alleges sufficient facts to establish that defendants negligently made material misrepresentations and omissions here,” Cayer said in a recommendation to U.S. District Judge Max O. Cogburn Jr., who will make the decision.

[REUTERS]

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One Response to “Bank of America Should Face SEC Mortgage Suit, Judge Says”

  1. Charles Reed says:

    SEC has a duty to get involved in these matter were there are MBS because the investors are being given illegally obtain monthly payment to illegal foreclose sales and insurance claims.

    The investors are the owner of the MBS and they cannot keep these funds that have been given to them by banks/servicers because the monies were obtain through illegal sources!

    You got to recover the monies and then if the investor have grievances they can take that up after the monies are returned to the Federal Government coffers!

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