Servicing Changes Key To $8.5B Deal, Mayer Brown Atty Says
By Eric Hornbeck
Law360, New York (July 15, 2013, 7:35 PM EDT) -- Bank of New York Mellon Corp. could make changes to servicing requirements for the loans underlying Bank of America Corp. mortgage-backed securities that it served as the trustee for without getting all investors' consent, a Mayer Brown LLP attorney testified Monday over an $8.5 billion settlement.
Mayer Brown's Jason H.P. Kravitt, on the witness stand in New York state court for the fifth day testifying about his role as BNY Mellon's outside counsel during the negotiations, said that the trustee had the authority to negotiate home...