BofA, U.S. Bancorp sued for role as WaMu bond trustee

[dixiegrrrrl]

I have lost track of how many lawsuits are current with BOA.....but have a feeling many more to follow.

"Bank of America Corp (NYS:BAC - News) and U.S. Bancorp (NYS:USB - News) have been sued by a Chicago pension fund that said they failed to protect investors in their roles as trustees for mortgage-backed securities for Washington Mutual Inc.

Wednesday's complaint was filed eight days after U.S. District Judge William Pauley in Manhattan let four pension funds pursue similar claims against Bank of New York Mellon Corp (BK.N) over its role as trustee for Countrywide Financial Corp mortgage debt.

In the latest case, also filed in Manhattan federal court, the Policemen's Annuity and Benefit Fund of the City of Chicago accused Bank of America and successor trustee U.S. Bancorp of causing millions of dollars of losses by failing to properly oversee 41 Washington Mutual trusts backed by home loans.

Saying it invested in six of those trusts, the fund accused both banks of failing to take possession of loan files or ensuring they were complete, or requiring Washington Mutual to fix or buy back defective loans."

http://tinyurl.com/cb77yjy

[Po_d Mainiac]

1. Be interesting if the cops finally figure out they are actually a part of the 99%

getting screwed by the banksters.

Instead of OWS protesters, mayhaps they'll hose down a bankster (or three) next time they feel the need to drain a can of 'pepper spray'

[dixiegrrrrl]

2. I am wondering if that is why private armies are being used here

in some situations.
Blackwater all over New Orleans after Katrina comes to mind.
And the ongoing military training for "urban conditions".