Bank of America late Tuesday said it is "not responsible" for the "poor" performance of mortgages "as a result of a bad economy," and defended its role as a servicer on billions of dollars in outstanding home loans.

BofA's comments came as news reports broke Tuesday that the Federal Reserve Bank of New York, BlackRock Financial, PIMCO, MetLife, and other investors may sue the nation's largest servicer of loans unless it buys back a large swath of $47 billion in MBS.

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