New Probe Targeting Bank of America


New York attorney general Eric Schneiderman’s office is hunting the big bear first: The Huffington Post reports he is targeting Bank of America, the largest U.S bank, in a recently begun investigation into whether banks properly followed the correct legal procedure when creating mortgage-backed securities. If it turns out they didn’t, the banks could be forced to (very expensively) buy back loans from investors.[HuffPo]