A new allegation claims Bank of America's Countrywide mortgage operation committed "massive fraud" in a lawsuit by big investors who say they were misled about the quality of mortgage-backed securities.
A dozen institutional investors, including TIAA-CREF Life Insurance Co. and New York Life Insurance Co., filed the complaint Jan. 24 in New York state Supreme Court, according to Bloomberg News.
The litigation is the latest salvo in a battle between BofA (NYSE: BAC), which has several mortgage loan offices in the Dayton region, and institutional investors over mortgage-backed securities and the quality of the loans backing those investments.
Read more: Lawsuit claims fraud by Bank of America mortgage unit | Dayton Business Journal
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