The California's Attorney General office subpoenaed Bank of America Corp. this week for the sale of mortgage-backed securities under false pretenses, according to a Los Angeles Times report.
The state would like to determine whether the bank and its Countrywide Financial unit sold investments backed by risky mortgages to institutional and private investors in the state, according to the report.
California withdrew from the broader attorney generals negotiation with BofA earlier this month .
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
The Structured Finance Association questions whether funding closed-end seconds is an appropriate role for the government-sponsored enterprise, while newer lenders welcome the liquidity support.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
