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BofA close to beating DOJ $850M RMBS fraud suit

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The U.S. Department of Justice and the Securities and Exchange Commission are both charging Bank of America Corp. (NYSE:BAC) with fraud in connection. Search Close Sign In

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SEC Charges Bank of America With Fraud in RMBS Offering. This resulted in losses of nearly $70 million with anticipated future losses of approximately $50 million. Bank of America’s repeated failures violated Sections 5 (b) (1), 17 (a) (2) and 17 (a) (3) of the Securities Act of 1933.

Bank of America Corp. and its affiliates were hit Tuesday with parallel civil suits by U.S. government agencies that accuse them of defrauding investors with the sale of $850 million in mortgage.

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Bank of America close to beating doj 0m rmbs fraud suit Justice Dept. hasn’t proven allegations in FIRREA case

Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange.

Citigroup to Pay the Largest Penalty of Its Kind – $4 Billion. The RMBS Working Group is a federal and state law enforcement effort focused on investigating fraud and abuse in the RMBS market that helped lead to the 2008 financial crisis. The RMBS Working Group brings together more than 200 attorneys, investigators,

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Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale of Over $850 Million of residential mortgage-backed securities attorney general Eric Holder and U.S. Attorney for the Western District of North Carolina Anne M. Tompkins announced today that the United States has filed a civil lawsuit against Bank of America Corporation and certain of its affiliates.

Bank of America close to beating DOJ $850M RMBS fraud suit he U.S. Department of Justice has not proven its charges that Bank of America ( BAC ) misled investors about the quality of loans bundled into $850 million in mortgage-backed securities.

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