Bank of America -- Bank of Desperadoes
Twenty-two investors win, millions lose
Bank of America ripped off 22 investors and they had high powered lawyers who recovered some of their lost fortune. $8.5 billion sounds like a lot and it is.
When your bank is trouble, rest assure, you are not going to get a higher return on your investment and you might get less sleep thinking about your money in their hands.
“Breaking News Alert: Bank of America will pay $8.5 billion to settle claims over mortgage-backed securities
June 29, 2011 7:41:26 AM
NEW YORK — Bank of America and its Countrywide unit will pay $8.5 billion to settle claims that the lenders sold poor-quality mortgage-backed securities that went sour when the housing market collapsed.
The Charlotte, N.C., bank says the settlement with 22 investors is subject to court approval and covers 530 trusts with original principal balance of $424 billion.