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08-15-2011, 11:06 PM   #1
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Still want to blame th little guys?

American International Group (AIG) sued Bank of America Corp. (BoA) for over $10 billion in an alleged “massive fraud” on mortgage debts on Monday.

AIG argues that it lost over $10 billion on about 350 residential mortgage-banked securities that the company bought from Merrill Lynch and Countrywide, Bank of America subsidiaries, between 2005 and 2007 for $28 billion dollars.

American International Group claims that BoA overstated the value of the $28 billion dollar mortgage investment and packaged securities that were supported by “hundreds of thousands of defective mortgages,” reported the lawsuit filed in New York Supreme Court.

The suit alleges that Bank of America and its branches inflated home appraisals, let borrowers falsify their income, disregarded internal warnings about discreditable underwriting, and chose the riskiest mortgages for securitization.

“Investors, no matter how sophisticated, were entitled to rely on its numerous written representations about the securities it sold. Now that it is clear that those representations were false, Bank of America must be held to account,” said AIG spokesman Mark Herr.

This suit is one of the biggest of its kind filed by an investor, due to the quantity of AIG’s losses, since the housing bubble

Bank of America Sued $10 Billion in Alleged Mortgage Fraud, Christian News

08-16-2011, 08:55 AM   #2
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Here's where the republican economic policies have left the little guy.
Now they want to find some way to tax him even higher.

Most Americans can't afford a $1,000 emergency expense - Aug. 10, 2011

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