AIG Is Suing Bank of America for $10 Billion
August 8th, 2011Via: New York Times:
The American International Group is planning to sue Bank of America over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.
The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor.
It claims that Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors, according to three people with knowledge of the complaint.
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I will always wonder what was in Bank of America’s heads when they decided to buy Countrywide in the midst of the mortgage crisis. Sheesh, Countrywide was rife with fraud in their mortgage practices.
So go figure, the numbnuts at BOA made a really stupid decision, and now they are suing?
Nice. Good luck you BOA Sherlocks. Defend stupidity in court. And gawd bless each and every one of you ignoramuses.
Meant to say BOA is now being sued. Oops.