The Department of Justice and the Securities and Exchange Commission filed similar lawsuits this week against Bank of America regarding an $855.67 million non-agency jumbo MBS issued in January 2008. The lawsuits claim that BofA failed to disclose key facts regarding one of the last jumbo deals to be issued before the securitization market essentially closed in 2008. BofA counters that the securities were sold to sophisticated investors that had “ample access” to the underlying data. BofA was the issuer of the security in question – Banc of America Mortgage 2008-A Trust – as well as the originator, servicer, sponsor and depositor, and affiliated entities managed the transaction. The regulators allege...