• BoA may face civil charges over mortgage practices

    Updated:

    CHARLOTTE, N.C. - Bank of America may face civil charges from three separate government agencies.

    The Justice Department, the Securities and Exchange Commission and the New York Attorney General's office all intend to file civil charges against Bank of America and Merrill Lynch, which the bank owns.

    The potential charges stem from the company's past mortgage practices.

    Other pending charges are directed toward Merrill Lynch's debt problems.

    Merrill Lynch is accused of illegally bundling mortgages and selling them off to investors.

    Federal officials said it played a huge role in the housing market collapsing.

    Bank of America said it is fully cooperating.

    "We've made progress putting many of the issues behind us and we'll continue to work to put the remainder of them behind us," said a spokesperson for Bank of America.


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