Bank of America sold out its customers

According to Press TV, Bank of America has sold out its customers who had invested in failed mortgage securities during the 2008 financial crisis.

Jeff Steinberg, a US economic analyst, said: “It was a shameless sellout of people who were literally robbed blind in the home mortgage crisis of the post Glass-Steagall repeal period.”
This is while Bank of America headed to court on Monday to push for an $8.5 billion settlement with investors in mortgage securities that went bad during the financial crisis.
Opponents criticized the move, saying the settlement represented only pennies on the dollar for the billions that were lost in the wake of the 2008 financial crisis.
Several state attorneys general said that losses to the trusts might exceed $100 billion, and that the banking giant is liable to its customers.
Steinberg said: “New York State Attorney General Eric Schneiderman and a number of other state attorneys general who are going back in to prosecute, to re-sue these banks over the fact that they failed to even live up to the demands of that deal that was a good deal to begin with.”
A bank settlement would leave investors without the option of a trial as well as strike the ability to hold the bank responsible for misrepresentations on the quality of the underlying mortgages.
Following the housing crisis in 2008, a massive investigation revealed that many US banks were responsible for pushing unaffordable mortgages.