Can I get a Kaaa-BoooM! Only makes sense because Wells Fargo controls 1 in 3 U.S. mortgages…
Bloomberg-
A law firm that won an $8.5 billion settlement from Bank of America Corp. (BAC) tied to faulty mortgage bonds said Wells Fargo (WFC) & Co. and Morgan Stanley (MS) failed to service $73 billion of similar securities, creating a default.
Gibbs & Bruns LLP cited at least $15 billion of Wells Fargo’s residential mortgage-backed securities and $5 billion from Morgan Stanley where holders have 25 percent or 50 percent or more of the voting rights, according to a statement today from the Houston law firm. The dispute also covers $23 billion of Morgan Stanley-issued RMBS and $30 billion of Wells Fargo’s RMBS where holders “have significant voting rights, but less than 25 percent or 50 percent,” the firm said.