Mealey's Banking & Finance - ResCap: Bank Of America, Others Sold It 'Defective' Loans, Liable For 'Billions'

Mealey's Banking & Finance - ResCap: Bank Of America, Others Sold It 'Defective' Loans, Liable For 'Billions'

NEW YORK - The ResCap Liquidating Trust, as successor to Residential Funding Co. (RFC), an affiliate of bankrupt Residential Capital LLC (ResCap), on May 13 filed an adversary complaint against Bank of America and another bank in the U.S. Bankruptcy Court for the Southern District of New York, seeking to recover money connected to what it says are "defective" residential mortgage loans Bank of America sold to RFC (In Re: Residential Capital LLC, No. 12-12020, Chapter 11, S.D. N.Y. Bkcy.).

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