By Paul Kiel
This post has been updated to reflect Bank of America’s response.
The state of Nevada dramatically expanded its lawsuit against Bank of America today, turning the narrow case it filed late last year into a broadside that targets virtually all aspects of the bank’s mortgage operations. Bank of America has previously denied wrongdoing.
The sweeping new suit could have repercussions far beyond Nevada’s borders. It further jeopardizes a possible nationwide settlement with the five largest U.S. banks over their foreclosure practices, especially given concerns voiced by other attorneys general, New York’s foremost among them. (You can read the suit here).
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Related reading:
FHFA (and OFHEO) Legal Filings
Federal Housing Finance Agency