Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Friday, March 01, 2013

New York AG investigating BofA for mortgages: filing

(Reuters) - Bank of America Corp (BAC.N) said in a securities filing Thursday that the New York State Attorney General is investigating the bank over the purchase, securitization and underwriting of home loans and mortgage-backed securities.

The second-largest U.S. bank said it was cooperating with the investigation and other similar inquiries. A Bank of America spokesman declined to comment beyond the filing.

The bank is the third known to be targeted by the New York attorney general's office over how banks bundled mortgage loans into securities during the housing boom.

In its annual report filing with the U.S. Securities and Exchange Commission, Bank of America also said it could sustain up to $3.1 billion in legal losses beyond the amount it has reserved. That was up from a possible loss above legal reserves of $2.8 billion at the end of the third quarter.

Original Article
Source: reuters.com
Author: Reuters
Topics: , , ,

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