New York Investigating BofA’s $8.5 Billion Mortgage-Securitization Accord

New York Investigating BofA’s $8.5 Billion Mortgage-Securitization Accord

Bank of America Corp. (BAC)’s proposed $8.5 billion settlement over mortgage-securitization trusts is being probed by New York Attorney General Eric Schneiderman, who is seeking client information from more than 20 companies.

Schneiderman’s office sent letters dated July 7 to the companies, including Goldman Sachs Group Inc. (GS), BlackRock Inc. (BLK) and TCW Group Inc., regarding their participation in Bank of America’s proposed deal. He is asking for the information by tomorrow.

The information was requested in connection with an investigation by the office “into certain matters related to securitization of residential mortgages,” according to the letters.

Investment managers were asked to identify clients affiliated with New York state government entities and public authorities, as well as nonprofit or charitable corporations that invested in the 530 residential mortgage-securitization trusts established from 2004 to 2008, according to copies of the letters obtained by Bloomberg News.

The letters also request the total par amount and current market value of all securities issued by the trusts covered in the settlement agreement for each client that meets the criteria.

Bank of New York Mellon Corp. (BK), as trustee of the 530 trusts, filed a petition June 29 in state court in Manhattan seeking approval of the settlement.

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8 Responses to “New York Investigating BofA’s $8.5 Billion Mortgage-Securitization Accord”
  1. lies is all they tell says:

    floridah is bad corrupt no on else to call i have writtten pam bimbo many times . sent web site links about the fraud. so what does she do fire /ask her 2 woman whom are on our side ivestigating foreclosures. now tell me everyone how the heck do we pay the mortgages of 2006 when they have taken all the jobs that pay 15-20/hr. only jobs available are 10 $hr
    how do you pay your mortgage with these low salaries. back in the 1970″ everyone forgets college was not expected as today. we have millions of 50 yr old floridians whom have been laid off and have amortgae from 2006 and can not find jobs now. my husband has placed more than 25 applications in the past 4 weeks not one call? how do we servive. my poor kids. i was the next generation the 1980 graduates college was more pushed on my school then in my my hubands state of Illimois and coin that with 6 siblings. he was always told there was “NO” money for college. so he is being blamed for something he was not responsible for. i went to nursing school in 1980’s and at 48 the 12 hr shifts are difficult i do what i have to feed my children but i can not hurt my self in the proccessi need help. but every manufacturing position now wants someone with a manufacturing degree. my husband has 15+ years in manufacturing. as a nurse you cant expect me to work 24/7 to pay for a home that i snow worth less then half its purchase. we need help and fast .. kids are counting on it. we do not want to be homeless. please everyone we all need help florida is a failng state. i put money down and cant leave like the depression this is my life savings right here and wells fargo tried to take it from me but i will not alow it i am strong. we all have neil garfields livinglies and judges are listening and beleiving neil finally. fight everyone we need restore this state to its grandure

  2. Jason Werner says:

    That investigation could take years. Every time you turn over a new rock, you find new crimes by the banks.

    • Fury says:

      i agree. give defrauded homeowners their money back, now!
      it can be done.,
      TARP, TALF. the money is there (albeit in the cayman islands).

      these crooks stole everything from us. they have our money plus the ill-gotten gains.

      they must pay it back. now. we will not wait. we are rising up and will get this money back!

      • Fury says:

        one of my friends lives in a building where one of the banking scum crooks is now living.

        he is demanding that the building/condo owners install security cameras to protect his ass.

        it is costing everyone in that building.

        pony up, you banksters.

        pay the money back to your victims and you can breathe easily.

  3. Fury says:

    which is the most corrupt state?
    new york?

    i feel like AG Schneiderman , Judge Schack and a few others are the only ones helping the
    swindled homeowners of NY.

    they are our only hope.

    contact your state representatives and urge them to support marcy kaptur’s congressional bill
    HS 344.

  4. lvent says:


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