More Investors End Fight Against $8.5B BofA MBS Settlement
Law360, New York (May 1, 2013, 6:04 PM EDT) -- The Federal Home Loan Bank of San Francisco dropped its objections Wednesday to a proposed $8.5 billion settlement over Bank of America Corp.'s Countrywide Financial Corp. mortgage-backed securities, joining several state and union pension funds that bowed out the day before.
Bank of America's proposed $8.5 billion payment would also resolve robosigning and other home loan servicing issues in $424 billion worth of Countrywide mortgage-backed securities held in 530 trusts. The deal was negotiated by 22 institutional investors, including the Federal Reserve Bank of New York and BlackRock Inc., but some investors who didn't get a seat at the negotiating table...
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