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NEW YORK — Bank of America, the largest U.S. bank by assets, “significantly hindered” a federal investigation into the firm’s faulty foreclosure practices on potentially billions of dollars worth of taxpayer-backed loans, a federal auditor told an Arizona court.
The bank withheld key documents and data, prevented investigators from interviewing bank employees or asking certain questions, and was slow to provide information, according to a June 1 declaration by William W. Nixon, a fraud examiner and assistant regional inspector general for audit for the U.S. Department of Housing and Urban Development inspector general’s office.
Due to Bank of America’s “reluctance,” Nixon resorted to asking the Justice Department to issue so-called civil investigative demands last December to compel testimony, a “less effective” means of carrying out its investigation, Nixon said. His office can’t compel testimony on its own.
Bank of America, the largest handler of home loans in the U.S., threw up roadblocks to the investigation, Nixon said, like preventing his team from performing a “walkthrough” of the bank’s documents unit.
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