The Bank of America Corp (NYSE:BAC) is an American transnational bank which provides different kinds of financial services. It has its head quarters situated in Charlotte, North Carolina and is the second largest bank in the United States of America when talking about the assets they are possessing. As of 2010, bank Of America Corp is the fifth largest company in the United States of America when talking about its total revenue.
The fraudulent case against Bank of America
According to the information made available from a source, the government of the United States of America had accused the Bank of America Corp of influencing workers to churn out loans, hide ballooning defaults and accept fudged applications. Bank of America Corp had denied any kind of fraud had happened. But the jury of the New York court had found that the Bank of America Corp is liable for the mortgage fraud. The verdict of the case had returned on Wednesday after a month long civil trial in Manhattan. For the trial related to the mortgages, the government of the United States of America said the mortgages were sold at break neck speed without regarding the quality as the economy headed into a tails pin in 2007 and 2008.
More about the case
Though the Bank of America Corp has been proven fraudulent in the mortgage case, still the United States of America Department of justice is still investigating on the matter and trying to find out various different pins of the case. When Edward O’ Donnell who is an ex country wide person was asked to give the details of the 2007 mortgage program which is called HUSTLE, he had enough evidences to press charge and begin the investigations related to this case.
