“We support the U.S. Attorney’s efforts to hold Bank of America accountable for its questionable mortgage practices. It is truly unfortunate and damaging for homeowners, investors, and the general public that it has come to this,” Comptroller Liu said. “Every foreclosure is not only a family losing a home, but also a dent in our City’s economy. Moreover, as investors, my office and our City Pension Funds have repeatedly requested since 2010 that the bank correct systemic flaws in its mortgage and foreclosure procedures. At each turn, the bank has rebuffed shareowners. Bank of America and others are required to enact
27,412,938 shares of Bank of America valued at $256,585,099.68.
Links to shareowner proposal efforts:
March 23, 2011: www.comptroller.nyc.gov/press/
March 14, 2011, SEC ruling against bank’s attempt to block shareowners’ proposal: http://www.sec.gov/divisions/
corpfin/cf-noaction/14a-8/ 2011/aflcioreserve031411-14a8. pdf
November 18, 2010: www.comptroller.nyc.gov/press/
November 16, 2010: www.comptroller.nyc.gov/press/