City Comptroller John C. Liu released the following statement on the $1 billion lawsuit filed by the U.S. Attorney in Manhattan against Bank of America (NYSE:BAC) for fraudulent mortgage practices:
“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
reforms under their settlement with the
state Attorneys General, but as shareowners we remain concerned that
Bank of America’s board has yet to correct the flaws in its mortgage
pipeline.”
Background:
The City Comptroller serves as the investment advisor to, custodian, and trustee of the $122 billion New York City Pension
Funds. The NYC Pension Funds own 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/
November 18, 2010:
www.comptroller.nyc.gov/press/
November 16, 2010:
www.comptroller.nyc.gov/press/
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