Bank Of America Steels Itself For Exposure Of Wikileaks Data
B of A wants no part of the trouble Assange says is stashed away in an encrypted digital file that might expose potentially corrupt practices to the world. According to PRWatch, B of A is indeed in Wikileaks’ sights. It is believed that Wikileaks intends to uncover B of A’s supposedly unethical conduct relating to dangerous home loans, illegal home foreclosures and also the use of bailout cash for employee bonuses. If there is any truth to these rumors, it makes you wonder why B of A did not just take out a payday cash advance loan without using government money.
Assange proving toxic mortgages happening with B of A
Bank of America is being sued by many private investors and large scale lenders like Fannie Mae and Freddie Mac. These businesses want billions of dollars in toxic mortgage-backed securities to be bought back by Bank of America. While Bank of America did stop issuing its own subprime mortgage loans in 2001, PRWatch suggests that the bank still underwrote $239 million in securities back by subprime loans as late as Sept. 2009. E-mails that prove B of A executives knew they were passing toxic mortgages off to investors are supposedly held by Julian Assange and others who have a copy of the encrypted insurance file without the decryption key. Bank of America will need to deal with these slate of toxic mortgage lawsuits with much more than the $4.4 billion set aside assuming this is true.
Foreclosures and bonuses for B of A
Illegal foreclosures – particularly of the wrong homes – have been another thorn in Bank of America’s side recently, although the bank has attempted to shift blame to the contractors it uses to perform the home seizures. Bank of America may be in trouble with the proof that Assange supposedly has. The company broke the law by signing off on thousands of foreclosure documents before looking at them if this proof is true. Add to this the list of claims B of A still faces following the Countrywide subprime debacle, and the corporate bonuses taken from bailout money and Bank of America could possibly be in severe trouble.
Citations
New Statesman
newstatesman.com/blogs/the-staggers/2011/01/china-wikileaks-assange
PR Watch
prwatch.org/node/9871
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