Thornburg, BofA Settlement Should Be Public: US Trustee

Law360, New York (February 25, 2013, 2:01 PM EST) -- The U.S. trustee for bankrupt Thornburg Mortgages Inc. blasted the company’s Chapter 11 trustee Friday for trying to seal details of a settlement in a breach of contract suit against Countrywide Home Loans Inc. and Bank of America Corp. over loans underlying mortgage-backed securities.

U.S. Trustee Hugh Bernstein told a Maryland bankruptcy court that sealing the details of the agreement — which resolves claims arising from allegedly faulty residential mortgage loans sold to Thornburg — ran contrary to Congress' promotion of transparency in the court system....
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