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The purchase marks a new acquisition for Kenneth Lewis, chief executive of Bank of America, which has spent more than $US 100 billion since 2004 to create the second-largest U.S. bank and the country`s largest consumer bank. The Department of Justice and the Bank have joined several of the Ministry`s ongoing civil investigations into the packaging, marketing, sale, design, structuring and issuance of RMBS, covered bonds (CDOs), and the bank`s mortgage underwriting and granting practices. The transaction contains a statement of facts in which the bank admitted that it had sold billions of RMBS without disclosing to investors important facts about the quality of the securitized loans. When the RMBS collapsed, investors, including state-insured financial institutions, suffered losses of several billion euros. .