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BofA braces for civil charges over crisis

AFP-JIJI

Bank of America may face civil charges over its actions during the financial crisis related to its mortgage products, the bank said in a filing to a U.S. regulatory agency Thursday.

The bank “has received a number of subpoenas and other requests for information from regulators and governmental authorities regarding MBS (mortgage-backed securities) and other mortgage-related matters,” it said in its quarterly report to the Security and Exchange Commission.

These requests come from the SEC, the Justice Department and the New York Attorney General, the bank said.

The Justice Department intends to file civil charges, while the SEC and the New York Attorney General are expected to follow suit, the bank said.