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August 2, 2013

U.S. May Move Against Bank Over Jumbo Loan Securities

Bank of America disclosed on Thursday that the Justice Department was weighing whether to bring a civil complaint against it over claims that the bank had improperly handled securities backed by jumbo loans.

The Securities and Exchange Commission is also considering whether to file a civil action over how Merrill Lynch, the brokerage house owned by Bank of America, handled its securities, the bank said in a filing.

The potential actions would be the latest mortgage woes for the bank, which is based in Charlotte, N.C., just as it is trying to move beyond the problems of the financial crisis.

In the filing on Thursday, Bank of America said it was “in active discussions” related to the investigations. As part of those discussions, the bank will seek to argue why bringing a civil charge would be a mistake.”


Read full New York Times article here

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