The American International Group, also known as AIG, is set to sue the Bank of America regarding hundreds of mortgage-backed securities.
AIG are not the first to go down this route. It but one of many organisations that are looking for compensation over the mortgages that helped to exacerbate the financial crisis that the entire world now finds itself in.
This lawsuit between AIG and the Bank of America could very well become the biggest mortgage security action of its kind especially considering AIG are attempting to recover more than $10billion in losses that were actually worth around $30billion.
The case results primarily on the fact that the Bank of America made misrepresentations regarding the standard of the mortgages the lender offered to investors.
The Bank of America has a history of over 200 years and is yet to see AIG's suit.
Mis-sold Mortgage Claims > Mortgage News
AIG to sue the Bank of America
Mon, 15 Aug 2011
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