Me thinks this just sunk the Foreclosure Fraud Settlement ship!
California is trying to determine whether BofA and its Countrywide Financial subsidiary sold investments backed by risky mortgages to investors in California under false pretenses, a source says.
Oh Hella Yeah…they did & They everyone knows this!
La Times-
Investigators with the state attorney general’s office have subpoenaed Bank of America Corp. in connection with the sale and marketing of troubled mortgage-backed securities to California investors, according to a person familiar with the probe.
The state is trying to determine whether the bank and its Countrywide Financial subsidiary sold investments backed by risky mortgages to institutional and private investors in California under false pretenses, according to the person, who was not authorized to speak publicly and requested confidentiality.
Another headache from the financial crisis is flaring back up for Bank of America Corp.
New York state Attorney General Eric Schneiderman has issued subpoenas seeking new depositions from the Charlotte, N.C., bank’s chief executive and other current and former executives, according to people familiar with the situation.
The subpoenas are a sign that Mr. Schneiderman, who became New York’s top law-enforcement official this year, doesn’t intend to drop the civil-fraud investigation of Bank of America begun more than a year ago under predecessor Andrew Cuomo.
Mr. Cuomo, now the governor of New York, accused Bank of America, former Chief …
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