The official line thus far is that they’ve had “no indication” they’re being targeted, however Gasparino says he’s spoken to a person who claims to have seen some of the bank-related documents and says that while they couldn’t make out how damaging the documents were they “clearly pointed to Bank of America.”
The big fear inside Bank of America, says Gasparino, is that the documents will lead back to (BofA-owned) Countrywide Financial, and show that the subprime loans that Countrywide gave out to high-risk applicants were fraudulent.
“And if these gigabits of memos show that those were fraudulent loans that were given, especially during a housing bubble, Bank of America could be on the hook for billions of dollars. And that’s what the big fear is in Bank of America.”
“These are big ifs, Shepard.” Video below.
