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