BofA owns 34% of BlackRock, which is a lead plaintiff in this case. (BlackRock manages the mortgage bonds which the Federal Reserve inherited as part of the Bear Stearns bailout.) BlackRock, in turn, is suing Countrywide (owned by BofA), the loan servicer which has clearly not been doing its job... BofA is suing BofA so that BofA can be forced to put bad mortgage loans back to BofA. Yves Smith reckons that the winner here is likely to be BofA...
:: posted by buermann @ 2010-10-20 10:51:24 CST |
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