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...
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