U.S.A. 42–Bank of America 0
As readers of UP@NIGHT may know from a previous blog, “The Unpatriotic Corporation,” we here at UP@NIGHT think little of B of A. It’s a scandal that its name suggests that it is somehow affiliated with our country. Yesterday we learned that AIG is suing Bank of America. Here is the beginning of how this event was reported in the NY Times.
The American International Group sued Bank of America on Monday over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis.
The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor.
It claims that Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors, according to three people with knowledge of the complaint.
This helped make my day in the middle of Monday’s crash. But to really top it off, as this report from Stewart and Co. reveals, B of A was foreclosed on by a couple of ordinary American citizens. It doesn’t get much better in these difficult times.