A judge has ruled that Brian Moynihan must testify in a lawsuit brought by MBIA which claims the bank fraudulently induced it to insure risky mortgage-backed securities.
MBIA claimed it has new evidence of "widespread mortgage-origination fraud" at Bank of America's Countrywide unit, hoping to bolster its $1.4 billion lawsuit accusing that unit of fraudulently inducing it to insure risky mortgage-backed securities.
Despite the fact that its shares moved back above $10 on Monday, doubling its lows from three months ago, Bank of America is still a stock to avoid due to a multitude of lingering issues, according to both FBR Capitals’ Paul Miller and Sterne Agee financial services analyst Todd Hagerman.... Read More
Bank of America might need to raise $45 billion by 2019 to de-risk its balance sheet, with vulnerability largely in the residential real estate sector, one “Fast Money” analyst said.... Read More