FDIC Demands More Info On BofA's $8.5B MBS Deal

Law360, New York (August 29, 2011, 9:22 PM EDT) -- The Federal Deposit Insurance Corp. on Monday objected to Bank of America Corp.'s proposed $8.5 billion settlement with holders of Countrywide Financial Corp. mortgage-backed securities that have lost their value, saying it needed more information to know if the deal was fair.

The FDIC's move is the most recent in a series of objections that have poured in since June, when Bank of America announced the settlement in which it agreed to buy back the securities at issue and improve its mortgage-servicing operations, outsource the servicing...
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