Bank Of America Is Getting Sued By A Company That's 34% Owned By Bank Of America

There are two really weird things regarding the parties who are suing Bank of America over mortgage repurchases.

The first is that the New York Fed — who you’d expect would be solely focused on the health of big banks — is one of the parties.

But also suing BofA, according to Bloomberg, is Blackrock, the asset manager that’s 34% owned by BofA!

Bank of America, of course, acquired its stake in BlackRock when it acquired Merrill Lynch during the crisis.

It was reported in August that BofA may seek to unload its stake in BlackRock.

Click here for a guide to Bank of America’s potential putback exposure >

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