Bank of America is fighting various lawsuits over more than $375 billion in mortgage-backed securities offerings that allege it misrepresented to investors the quality of home loans in the investment pools, the largest US bank by assets disclosed in a filing yesterday.
The figure is Bank of America’s first complete estimate of the securities at the heart of a growing legal push by investors to force US banks to rebuy billions in delinquent mortgages.
Investors, who are most commonly asking courts to certify class-action cases, allege the banks made material misstatements and cut corners in creating the mortgages.
The suits seek unspecific compensatory damages and, in some cases, a repurchase of the mortgage by the bank, Bank of America said in its report filed with the US Securities and Exchange Commission.

