NEW YORK, NY – October 25, 2012 – (RealEstateRama) — City Comptroller John C. Liu released the following statement on the $1 billion lawsuit filed by the U.S. Attorney in Manhattan against Bank of America (NYSE:BAC) for fraudulent mortgage practices:
“We support the U.S. Attorney’s efforts to hold Bank of America accountable for its questionable mortgage practices. It is truly unfortunate and damaging for homeowners, investors, and the general public that it has come to this,” Comptroller Liu said. “Every foreclosure is not only a family losing a home, but also a dent in our City’s economy. Moreover, as investors, my office and our City Pension Funds have repeatedly requested since 2010 that the bank correct systemic flaws in its mortgage and foreclosure procedures. At each turn, the bank has rebuffed shareowners. Bank of America and others are required to enact reforms under their settlement with the state Attorneys General, but as shareowners we remain concerned that Bank of America’s board has yet to correct the flaws in its mortgage pipeline.”
Background:
The City Comptroller serves as the investment advisor to, custodian, and trustee of the $122 billion New York City Pension Funds. The NYC Pension Funds own 27,412,938 shares of Bank of America valued at $256,585,099.68.
Links to shareowner proposal efforts:
May 2, 2011: www.comptroller.nyc.gov/press/2011_releases/pr11-05-040.shtm
March 23, 2011: www.comptroller.nyc.gov/press/2011_releases/PR11-03-027.shtm
March 14, 2011, SEC ruling against bank’s attempt to block shareowners’ proposal:
http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2011/aflcioreserve031411-14a8.pdf
November 18, 2010: www.comptroller.nyc.gov/press/2010_releases/pr10-11-104.shtm
November 16, 2010: www.comptroller.nyc.gov/press/2010_releases/pr10-11-103.shtm
Contact:
Matthew Sweeney, (212) 669-3747
