By John Arwood and Ely Portillo, Charlotte Observer
Federal prosecutors in Manhattan sued Bank of America for $1 billion on Wednesday, alleging the bank defrauded government-sponsored mortgage giants Fannie Mae and Freddie Mac.
The lawsuit is the latest legal mire for the Charlotte-based bank, which has already agreed to pay billions of dollars to resolve other lawsuits.
The Charlotte host committee of the DNC has revealed it came up $12.5 million short of its fundraising goal for the convention and was forced to tap a line of credit guaranteed by Duke Energy.
WFAE's Julie Rose has been pouring through documents filed with the Federal Election Commission late last night and joins All Things Considered Host Mark Rumsey to share some analysis.
Bank of America's Customer Assistance Center in Northeast Charlotte opened in October 2011.
Credit Julie Rose
Bank of America Customer Assistance Center General Manager Audie Cashion (l) and loan modification specialist Saleena Whitley (r).
Credit Julie Rose
Audie Cashion manages Bank of America's Customer Assistance Center in Charlotte where homeowners facing foreclosure can come for help working out their mortgage.
When Bank of America announces quarterly earnings this week, foreclosures and defaulting loans will once again be a key part of the equation.
The Charlotte bank has spent four years wading through a sea of troubled mortgages it took on with the 2008 acquisition of Countrywide. Along the way it's become a favorite target of vitriol - often landing on lists of "most hated institutions" in America.
But recently, WFAE's Julie Rose discovered some of the people on the front lines of the foreclosure crisis are softening toward Bank of America.
