The Securities and Exchange Commission question the BofA

The Bank of America has spent the last year exchanging letters with the SEO. The correspondence relates to questions asked by the SEO who have pressed for information and expanded disclosure about its reserves to cover the cost of buying back faulty home loans.

The Securities and Exchange Commission question the BofA

The Securities and Exchange Commission question BofA

 

Given that sums ranging from $7 billion to $10 billion more are involved in the disputes  is there any wonder the BofA are using every ruse possible to keep the letter exchanges rolling along without any conclusions that may mean the BofA is judged liable and ordered to pay back billions of US dollars

The SEO assess the present status of the dispute – quote – “Discuss the level and type of repurchase requests you are receiving, and any trends that have been identified, including your success rates in avoiding settling the claim,” – more – “Tell us and disclose in future filings how you establish repurchase reserves for various representations and warranties that you have made.”

The BofA response – quote – “It’s not unusual for the SEC to have questions about our regulatory filings and as the letters indicate we responded to those questions and the issues appear to be resolved,”

‘Banks believe they are above the law, their behavior is out of order, always trying to manipulate and massage a situation and turn it around so the bankers are the sole benefactors!’

U.S. Securities and Exchange Commission – Home Page

http://www.sec.gov/

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