Feds: Bank of America lied about mortgages

http://www.cbsnews.com/8301-505145_162-57597258/feds-bank-of-america-lied-about-mortgages/

The U.S. government has accused Bank of America Corp. of civil fraud, saying the company failed to disclose risks and mislead investors in its sale of $850 million of mortgage bonds during 2008.
The Justice Department filed a civil suit against the bank and two of its subsidiaries on Tuesday. The Securities and Exchange Commission filed a related suit against Bank of America.

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The authorities say Bank of America lied to investors about the risk of the mortgages underlying the investment.