BAC & Countrywide Hit With Series of Subpoenas and Legal Problems

For starters, Bank of America Corp. said it received subpoenas and requests for information with regards to auction-rate securities from multiple federal and state government agencies. Countrywide has responded to a subpoenas from the SEC, according to a regulatory filing, and now faces a criminal SEC investigation. And four class-action lawsuits have been filed against BAC, on behalf of purchasers of auction-rate securities in-between May 2003 and Feb 2008.

Vested Interest: 
No vested interest