Their triple-A-rated securities are now junk, they claim
(NEWSER) - Investors are suing Bank of America’s Countrywide mortgage unit, claiming they were fraudulently led into purchasing supposedly triple-A-rated mortgage-backed securities that turned out to be junk. Between 2005 and 2007, the investors bought hundreds of millions of dollars of securities that were supposed to be “conservative” and “low-risk.” But Countrywide misrepresented just how safe those securities were, and also ignored its own underwriting guidelines, the lawsuit claims. More»
