Thursday, April 10, 2014

U.S. attorney presses on with BofA case

Two weeks after a magistrate judge recommended dismissal of a U.S. mortgage securities case against Bank of America, federal prosecutors in Charlotte filed a motion asking for the recommendation to be set aside.

The case involves a pool of prime mortgages Bank of America packaged and sold to investors. The U.S. Attorneys Office for the Western District of North Carolina filed suit in August claiming the Charlotte bank misled its clients on how risky the loans really were.

A magistrate judge ruled in late March that the laws the government sued under didn't apply in the case. In Thursday's filing, prosecutors argue that the judge's decision contains errors. The U.S. attorney's office also points out that the merits of the case haven't been ruled on.

1 comments:

reginator said...

good ol' NCNB, how you have grow up(down). guess once mccoll left it was open season on anything you could get away with. seems everytime i see your name it is something not good. not to worry, at least in n.c. you can do what you like, people there don't either seem to care or not that smart...