Bank of America Settles on Mortgage Backed Securities Claims

June 29, 2011 - PRLog -- Bank of America Settles on Mortgage Backed Securities Claims

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June 29, 2011

It is being reported the Bank of America the United States largest bank has reached an agreement to settle the majority of the claims from the Countrywide first-lien residential mortgage-backed securitization. The settlement is for $8.5 billion in cash.
There are 22 investors whom have claims against Bank of America over the residential backed securities. The groups include MetLife, BlackRock Inc. and the Fed. Res. Bank of New York.

As first reported in the Wall Street Journal the settlement would be the largest sum in banking history. Bof A reports it intends to record an additional $5.5 billion provision to its representations and warranties liability for Government-Sponsored Enterprises and non-Government-Sponsored Enterprises. The B or A board met on Tuesday to discuss the deal.

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