New Bank Of America Loan Could Further Push Black And Latino Families Out Of Communities
ForbesMAY 2022
BoA knew exactly what it was doing when it defrauded bond insurers over a decade ago. When the crisis came, and smaller companies like Ambac saw what had happened, BoA decided to bully them through the courts rather than pay for their wrongdoing. Thankfully, the little guy won this time, and Goliath has to pay David what he's owed.
To claim Ambac was some small, vulnerable company up against a financial titan is absurd, as it was the second-largest bond insurer in the world at its peak. While everyone likes to pick on BoA in light of the 2008 crisis, the truth is that Ambac accepted the risks of insuring those mortgage-backed securities to profit millions in premiums.