UH OH!: Bank Of America Could Be Forced To Pay $20 Billion To Bond Insurers For Mortgage Loan Put-Backs
Editor's Note: Another in our series of articles from late 2010 that we are reposting in the wake of Friday's landmark foreclosure ruling from the Mass. Supreme Court.
Dear Brian Moynihan:
You owe us between $10-20 billion for MBS fraud. Pay up, securitizing thief.
Certified letter to Bank of America CEO Brian Moynihan from the Association of Financial Guaranty Insurers, which is the industry group representing the monolines in their suit against BAC. For more detail on this story, please see:
- Forget Foreclosures -- David Faber Says Banks Face HUGE Liability For Fraud In 'Mortgage Loan Pools'
Chris Whalen nails it in this 3-minute clip...