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BofA Sued by Shareholders


Bank of America is being sued by shareholders who feel that they were given false information about problems with recording mortgages and foreclosure paperwork.  The complaint states that Bank of America did not file the mortgage the correct way which also caused problems with foreclosing on properties. Bank of America did not have enough employees to help with all the foreclosures that were occurring.  Bank of America stocked dropped by 42% due to all these problems that occurred. The bank also is being accused of "dollar rolling". The bank was "omitting billions of dollars in debt from its balance sheet". The Bank stated that they "wrongly classified the transactions as sales when they were secured borrowing". Bank of America had no immediate comment based on all the complaints being filed against them.