Karma train hits Bank of America.....
A lovely list of growing investigations points to BOA's many transgressions.
Let us count the ways:
1. The U.S. Attorney’s Office for the Eastern District of New York, based in Brooklyn, is investigating its compliance
with the Federal Housing Administration’s “direct endorsement program.”
(Has to do with getting get government-backed insurance for mortgages that didn’t deserve it).
2. facing the prospect of paying penalties and reimbursing consumers over its sale and marketing of certain credit-card debt-cancellation products.
3. government authorities in North America, Europe and Asia are examining its participation in foreign-exchange
markets.
4. the bank is being sued by Prudential Insurance Company of America related to mortgage-backed bonds that the
bank sold in the run-up to the financial crisis. ( the bonds were touted as good, but were full of bad mortgages)
5. the European Commission is laying the groundwork to fine it and other banks, accusing them of breaking European
Union competition laws by allegedly colluding to prevent exchange-trading of credit-default swaps.
Bank of America said it now estimates it could have to spend up to $6.1 billion for legal expenses over and above current reserves, up from an estimate of $3.1 billion a year ago.
http://www.marketwatch.com/story/bank-of-americas-legal-problems-pile-up-2014-02-25?link=MW_latest_news
Poor poor BOA...my heart bleeds for it. 