Bank of America (NYSE: BAC) consideration it won a legal victory when a federal moderator in Virginia ruled that the banks did not have to situate trial for its role in a real estate scam that wronged school teachers in Fairfax County, Va. Other than the revelation of a hot tub meeting connecting a Bank of America employee has bubbled up, and led the judge to overturn his stand and rule that Bank of America should stand trial, reports the Washington Post.
The exposure stemmed from more than 700 pages of e-mails that hadn't been turned over at the time the judge mad his first ruling. The e-mails show a Bank of America loan officer arguing the "revival appraisals" with others concerned in the alleged scam.
At subject is whether the participants sought assessments that were flat out wrong in order get large loans approved for bogus land deals. Legitimate assessments should be much lower values that couldn't bear the large loans.
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