Countrywide Strikes $375M Deal With Syncora In MBS Fight

Law360, New York (July 17, 2012, 10:14 PM EDT) -- Countrywide Financial Corp. and its parent Bank of America Corp. agreed to pay $375 million to settle claims brought by bond insurer Syncora Guarantee Inc. over mortgage-backed securities they insured against Countrywide Home Loans Inc., Syncora announced Tuesday.

Additionally, Syncora transferred certain assets to BofA subsidiaries and those subsidiaries agreed to transfer certain Syncora preferred shares, surplus notes and other securities, to Syncora, the company said.

“The combined effects of the foregoing are expected to have a materially positive effect on the company's surplus as regards...
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