The Justice Department is bringing civil charges against one of the nation's largest banks. The government alleges that Bank of America made false statements about the quality of home loans it sold off to investors, $850 million worth of loads. The Justice Department move is the latest in a series of cases being brought against financial firms.
NPR's Chris Arnold has been following all of this and joins us now. Good morning.
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And I'm Melissa Block. The Justice Department is bringing civil charges against one of the nation's largest banks. The government alleges Bank of America made false statements about the quality of $850 million worth of home loans. Those loans were then sold to investors. NPR's Chris Arnold reports.
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Originally published on Tue August 6, 2013 4:33 pm
By Eyder Peralta
The Department of Justice announced Tuesday that it was suing Bank of America for allegedly lying to investors about the riskiness of about $850 million worth of mortgage-backed securities back in 2008.