The amazing thing is that BOFA was attempting to perform some due-diligence and control the risk(unlike other bustards ie: countrywide)! Now they are being hit with a stick over the head by WiteHut Criminal Gang.
They did a horrible job in that area. Countrywide was a mess, and BofA didn't see that.
I'm amazed they failed so big in their due diligence. Any of us who work in the industry knew that Countrywide was cutting corners.
BofA actually was pretty boring in a good way.
I thought (from something on the radio) that these were Countrywide loans. I think BofA was strong-armed by the gov't into taking over Countrywide as it was into buying Merrill Lynch -- and is again getting screwed by the gov't.