PIMCO, NY Fed and Blackrock joining hands to force Bank of America to repurchase the CDO/MBS and other instruments that were falsely represented and sold to investors during the worst mortgage crisis in history of America and world. It’s alleged that BOA represented incorrect information about the quality of loans and Loan-to-value ratio on some of the deals. Looks like start of a new round of write-off, finger pointing and ultimately erosion of shareholder value.
Full story @ Pimco, NY Fed Said to Seek BofA Repurchase of Mortgages - Bloomberg
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