3during that time with the SEC that depicted the Company’s increasingly distressed residentialmortgages in the magnitude of multiple billions of dollars of potential exposure. Moreover,these defendants have utterly failed and refused to pursue pecuniary relief for the Companyagainst any of the wrongdoers.3.
On April 13, 2011, the Office of the Comptroller of the Currency (“OCC”)publicized findings from its fourth quarter 2010 investigation into Bank of America’s mortgageservicing and foreclosure processing practices. As a result of that investigation, the OCCconcluded that Bank of America (through its wholly-owned subsidiary, Bank of America, N.A.):engaged in improper servicing and foreclosure practices; lacked sufficient resources to ensureproper administration of its foreclosure processes; lacked adequate oversight, internal controls,policies, and procedures, compliance risk management, internal audit, third party management,and trained personnel; failed to supervise outside counsel and other third parties handlingforeclosure-related services; and engaged in unsafe or unsound banking practices. The abovefindings were made public in the OCC’s formal enforcement agreement with Bank of America asset forth in the Stipulation and Consent to the Issuance of a Consent Order entered
In the Matter of: Bank of America, N.A. Charlotte, NC AA-EC11-12
(the “OCC Consent Order”).4.
A few days prior to publication of the Consent Order, on March 29, 2011,Individual Defendants Susan S. Bies, Frank P. Bramble, Sr., Virgis W. Colbert, Charles K.Gifford, Charles O. Holliday, Jr., D. Paul Jones, Jr., Monica C. Lozano, Thomas J. May, Brian T.Moynihan, Donald E. Powell, Charles O. Rossotti, and Robert W. Scully executed the stipulationagreeing to the issuance of the OCC Consent Order. This order took effect on April 13, 2010upon its execution by an OCC official.5.
That same day, the Federal Reserve publicized the consent order to cease anddesist captioned
In the Matter of BANK OF AMERICA CORPORATION Charlotte, NorthCarolina
, Docket No. 11-029-B-HC (the “Federal Reserve Consent Order”), approved of byBank of America’s board of directors (the “Board”) at a duly constituted meeting and thatrequires them to ensure that Bank of America, N.A. performs its obligations under the OCC
Case 1:11-cv-11096 Document 1 Filed 06/17/11 Page 3 of 78