BofA Sued by Deutsche Bank and BNP Paribas; FHA & Fannie Chatter; Dubai’s Debt Woes Help Rates
November 30, 2009 – 6:38 amPosted To: Pipeline Press
An uncle once told me, "I've had bad luck with both my wives. The first one left me. And the second one didn't." In a story from Reuters, both Deutsche Bank and France's BNP Paribas SA separately sued Bank of America last Wednesday , "claiming that the largest U.S. bank breached its obligations on a total of more than $1.7 billion of mortgage-related transactions." Both lawsuits relate to Ocala Funding LLC , a funding vehicle used by Taylor, Bean & Whitaker . TBW used Colonial Bank for warehouse lending, which Bank of America sued in August. Deutsche Bank accused BofA of breach of contract for failing to safeguard more than $1.25 billion of cash and mortgage loans from deals in 2007 and 2008. In the other lawsuit, BNP Paribas Mortgage Corp said BofA refused...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.