Bank of America getting sued ..AGAIN..over bad mortgages.

[dixiegrrrrl]

to ms. smiler....

Residential Capital LLC, the defunct mortgage company, sued Bank of America NA, RBC Mortgage Co. and other lenders, claiming they sold it poor-quality loans that led to its bankruptcy.

ResCap filed for bankruptcy protection in May 2012 after investors who bought mortgage-backed bonds claimed they were loaded with faulty loans. It was liquidated to resolve more than $100 billion in potential lawsuits.

In lawsuits filed yesterday in U.S. Bankruptcy Court in Manhattan, ResCap said it’s seeking to recover “billions of dollars in liabilities and losses” over the “defective” loans. It wants the banks held responsible for more than 24 lawsuits alleging ResCap securitized bad loans, as well as for hundreds of claims, including securities fraud and breach of warranty, that it faced in bankruptcy.
Blog: Selling Subprime Loans to Wall Street Investors, This Time for Small Businesses

Bank of America (BAC:US) is a successor to First Republic Thrift & Loan and First Republic Savings Bank, which sold ResCap more than 240 mortgage loans with a principal of over $165 million, according to one of the filings.

http://www.businessweek.com/news/2014-05-14/rescap-sues-bofa-rbc-mortgage-over-defective-loan-sales-2





I need a picture of the karma train....anyone????

[DJ13]

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