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  1. #1
    Senior Member JohnDoe2's Avatar
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    Bank of America close to $8.5 billion mortgage settlement

    Bank of America close to $8.5 billion mortgage settlement

    By The Associated Press
    5:05 p.m., June 28, 2011

    Bank of America Corp. is close to finalizing a deal that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lenders.

    A person familiar with the settlement discussions between the bank and the investor group said late Tuesday that the lender is nearing an agreement and is expected to announce that it’s a done deal as early as Wednesday.

    Calls to a Bank of America spokesman were not immediately returned.

    The investors, which include the Federal Reserve Bank of New York, Blackrock Financial Management and Newport Beach-based PIMCO, have pressed the lender to buy back defaulted mortgages made by its Countrywide unit.

    Bank of America repurchased home loans that had been packaged into bonds by Countrywide Financial Corp., which was acquired in 2008 by Bank of America, the nation’s largest lender by assets.

    A Wall Street Journal report late Tuesday estimated the group holds more than $56 billion in mortgage-backed securities.

    http://www.signonsandiego.com/news/2011 ... ettlement/
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  2. #2
    Senior Member HAPPY2BME's Avatar
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    How much of this bad paper went to purchase new homes for illegal aliens with stolen identities across the country?
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  3. #3
    working4change
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    FDIC Chairman on Possible $8.5B BofA Mortgage Settlement


    http://video.foxbusiness.com/v/10293597 ... t_id=87247
    Jun 28, 2011

    FDIC Chairman Sheila Bair on Bank of America nearing a mortgage settlement for $8.5 billion.

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