Welcome to the Bank of America Mortgage Obligations Distribution Fund
On August 6, 2013, the Securities and Exchange Commission (the ”Commission” or “SEC”) brought suit against Defendant Bank of America, N.A. (“BANA”), Banc of America Mortgage Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC (collectively, “Defendants”). In its Complaint for Injunctive and Other Relief, the SEC alleged that Defendants misrepresented and omitted certain material facts regarding the residential mortgage-backed securities (“RMBS”), known as the BOAMS Trust. Specifically, the SEC alleged that Defendants portrayed the BOAMS Trust as being backed by “prime” mortgage loans when, in fact, an unprecedented portion of the mortgage loans backing the security had been originated through mortgage brokers unaffiliated with BANA entities and were not prime quality. Pursuant to the Final Judgments as to BANA, BOAMS and Merrill Lynch (the “Final Judgments”) dated November 25, 2014, the Commission ordered the Defendants to pay a total of $115,840,000.00 to the Commission for distribution to harmed investors.
The SEC submitted the Distribution Plan to the Court for its approval on May 30, 2018. The Court approved the Plan of Distribution (“Distribution Plan”) in its entirety on July 3, 2018.
If you have any questions, you may call 1-800-231-1815 in the United States, or send an email to Questions@BOAMortgageObligations.com