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BofA Warped Loan Quality Behind $1B In MBS, Suit Says

Law360 (February 23, 2011, 10:47 PM EST) -- Investors sued Bank of America Corp. on Wednesday for allegedly misrepresenting the quality of loans behind more than $1.06 billion in mortgage-backed securities.

The investors, who filed suit in the Supreme Court of the State of New York, County of New York, claim the bank's Countrywide Home Loans Inc. subsidiary misled them about the soundness of at least 1,400 mortgages in a pool of about 6,500 loans.

They expect the lawsuit will uncover evidence of more misrepresentations, and want the court to enforce a contract requiring...
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