Why BoA Doesn't Have to Worry About CFC-Related MBS Lawsuits

Ken Lewis, the former Bank of America chief whose brilliant idea it was to buy Countrywide Financial Corp. is set for life. He's out of the banking industry (thanks to the Countrywide deal) but he has plenty of money to secure a comfortable retirement. But then there's his legacy to consider. Will he forever be remembered as the man who blew a hole in BoA's balance sheet, a massive financial asteroid that almost brought down the bank during the height of the financial crisis? We shall see. But it will be interesting to watch if whether any of the plaintiffs (or would be plaintiffs) have any success suing BoA for all the crappy subprime and alt-A MBS that CFC sold them. BoA's lawyers likely will make the following arguments: (1)We didn't sell them the MBS (2)Okay, CFC sold them the MBS and we bought CFC, but didn't 'Investor A' read the offering documents? (3)What, Investor A didn't understand the risk? Oh. Then why did it buy the bonds? (4)Shoddy servicing by CFC on the bonds? Why didn't you raise this issue earlier?