New York AG investigating BofA for mortgages: filing
(Reuters) - Bank of America Corp (BAC.N) said in a securities filing Thursday that the New York State Attorney General is investigating the bank over the purchase, securitization and underwriting of home loans and mortgage-backed securities.
The second-largest U.S. bank said it was cooperating with the investigation and other similar inquiries. A Bank of America spokesman declined to comment beyond the filing.
The bank is the third known to be targeted by the New York attorney general's office over how banks bundled mortgage loans into securities during the housing boom.
In its annual report filing with the U.S. Securities and Exchange Commission, Bank of America also said it could sustain up to $3.1 billion in legal losses beyond the amount it has reserved. That was up from a possible loss above legal reserves of $2.8 billion at the end of the third quarter.
SYDNEY - Asian markets were finding their feet on Tuesday after a rocky ride the previous session, though uncertainty about the true state of China's economy kept nerves frayed and commodity prices restrained.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.