Bank of America accused of paying bonuses for foreclosing on homes

Former employees of Bank of America submitted sworn affidavits to a civil lawsuit claiming that the financial institution purposely stalled, delayed or denied home loan modifications. They also claimed that the bank enforced foreclosure quotas and gave bonuses to those with the highest foreclosure rate. So will Bank of America pay for these alleged practices? Richard Eskow, senior fellow for Campaign for America's Future, gets into the details.

Bank of America protester acquitted of vandalism

Today a San Diego jury acquitted 40 year old Jeff Olson on 13 counts of vandalism and he was also facing a 13-thousand dollars fine. It took the jury less than five hours to arrive at their decison. It's the case of a San Diego, California artist who was prosecuted for vandalism, after writing anti-Bank messages on public side walks, using chalk. Olson's anti-bank messages included one that read: "No Thanks, Big Banks" and another that read: "Shame on Bank of America." Over the weekend, in a protest dubbed "Chalk-U-Pie" dozens of supporters drew their own colorful messages in chalk, including the phrase "This is NOT vandalism!". At the end of the ordeal, Olson said he was relieved it was all over.

AllState Sues Bank of America over Residential Mortgage Securities

Allstate Corp. (ALL) has shed its opening bell upside and is down fractionally, after the insurance carrier said it was suing Bank of America Corp. (BAC) over mortgage-backed securities that went sour.

The suit alleges the bank's Countrywide unit knew $700 million in residential mortgage-backed securities it sold Allstate were a "toxic mix of loans given to borrowers (who) could not afford the properties and thus were highly likely to default."

BAC shares also were higher in initial trade today.