Source: Law.com – Newswire
Bank of America Corp. has admitted to maneuvering as much as $10.7 billion in debt from its balance sheet and then back again through repurchasing deals that the bank called “dollar rolls.” The deals involved short-term agreements in which the bank would move mortgage-backed securities off its books to another entity, while agreeing to repurchase the package at a later date — usually after it had reported its quarterly financial statement to the Securities and Exchange Commission.
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Bank of America Admits to ‘Dollar Rolling’ $10 Billion in Debt
July 13, 2010 Leave a Comment
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