New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America’s Mortgage Deal

New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America’s Mortgage Deal

WASHINGTON — New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over soured loans between Bank of America and a group of investors, claiming in court documents that a separate bank representing the investors committed fraud for failing to ensure that the mortgage securities were created in accordance with state law and for failing to act in the investors’ best interest.

Bank of New York Mellon, the trustee representing the investors, “knowingly, repeatedly, and consistently” misled investors into thinking that the mortgage bonds were created properly, Schneiderman said in court documents. BNY Mellon also put its own interests before those of the investors it’s supposed to represent, he said.

BNY Mellon, the 11th-largest U.S. bank by assets and one of the nation’s largest trustees, stands accused of “repeated fraud and illegality,” according to court filings, which alleges that the abuses “were repeated literally hundreds of times.”

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4closureFraud.org

Comments
2 Responses to “New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America’s Mortgage Deal”
  1. Eric Aveni says:

    How long can this bank continue to get away with this corruption?!! Who will stop them? The government is too corrupt and is probably bribed to turn a blind eye to all their illegal activities. Now that this has become personal I will fight until the death to see that this bank and all those responsible will pay for all of its wrongdoings and then some….

  2. lvent says:

    The TRUTH is Awesome!!!!!!!!!!!!!!!!!!!

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