A 1.3 BILLION dollar penalty against Bank America and it's Country Wide Division involving shaky mortgages was thrown out by a court. Country Wide which was purchased by Bank Of America in 2008 was penalized in a lawsuit several years ago. Ruling could affect other mortgage meltdown cases & banks.
http://www.reuters.com/article/us-bank-of-america-fraud-idUSKCN0YE20S
In some respects most of this happened before Bank Of America purchased Country Wide so why would BoA be responsible other than inheriting existing lawsuits. This one was filed in 2012 in regards to a mortgage program called "Hustle" or "High Speed Swim Land" in which shoddy mortgages were resold.
http://www.reuters.com/article/us-bank-of-america-fraud-idUSKCN0YE20S
In some respects most of this happened before Bank Of America purchased Country Wide so why would BoA be responsible other than inheriting existing lawsuits. This one was filed in 2012 in regards to a mortgage program called "Hustle" or "High Speed Swim Land" in which shoddy mortgages were resold.