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BofA Sued Over Countrywide Mortgage Problems

Law360 (March 31, 2011, 7:47 PM EDT) -- An Alaska public pension fund on Wednesday filed a securities class action against Bank of America Corp. alleging the company hid the extent of its exposure to Countrywide Financial Corp.'s bad mortgages and improper servicing practices after their merger.

The Anchorage Police & Fire Retirement System said in the complaint filed in the U.S. District Court for the Southern District of New York that the problems with Countrywide's servicing operations meant that Bank of America was unable to foreclose on thousands of homes. The company announced...
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