Bank of America says it may face new civil charges related to the 2008 financial crisis. The firm revealed in its quarterly report that staff at the Department of Justice have said they plan to file civil charges against Bank of America over mortgage programs.
B of A also says the Securities and Exchange Commission plans to recommend civil charges. It's all related to financial products called CDO's, or Collateralized Debt Obligations.
The mass failure of those mortgage-related securities when the housing market collapsed has been blamed as a key factor in the financial crisis and recession.
It's unclear when any of the possible charges could be filed, and even whether all of the agencies will move ahead with their cases. There's no comment yet from the SEC or Justice Department