Pension Funds Win Major Victory in Ongoing BofA Mortgage Backed Securities Lawsuit

By: Wednesday April 4, 2012 6:56 am

We’ve been following the Bank of America/Bank of New York Mellon settlement with investors on mortgage-backed securities deficiencies, and it appeared the banks were getting the upper hand. They had the venue moved to a friendly state judge, and some of the objections to the settlement from outside investors were struck down. But that all [...]

Judge Moves BofA MBS Settlement from State Court

By: Thursday October 20, 2011 8:15 am

In a major setback for Bank of America, a federal judge has moved the venue for their $8.5 billion settlement with investors on mortgage-backed securities issues to federal court. In so doing, the judge criticized the arrangement on a variety of fronts. BofA hoped to do away with all of their investor liability on Countrywide [...]

FDIC Files Objection to Bank of America MBS Settlement

By: Tuesday August 30, 2011 6:10 am

The FDIC formally objected to Bank of America’s proposed $8.5 billion settlement with investors in Countrywide-originated mortgage backed securities. In a spartan filing with a federal court in Manhattan, the deposit insurance agency, which owns many MBS involved in the settlement, said “it does not have enough information to evaluate the settlement.” The FDIC reserved [...]

Bank of America Uses Attack Dog to Smear NY AG Schneiderman

By: Sunday August 14, 2011 6:02 pm

I could barely suppress a laugh when reading about Bank of America CEO Brian Moynihan begging Tim Geithner to settle the foreclosure fraud issue so they can get out from under their liability. As Yves Smith points out, if Tim Geithner had the power to get Bank of America out of their mess, he surely [...]

Beau Biden Raises Additional Issues with BofA Settlement

By: Wednesday August 10, 2011 7:30 am

Yves Smith has liberated Beau Biden’s brief to a New York court asking for intervention in the Bank of America mortgage settlement. She finds Delaware Attorney General Biden talking along the same lines as New York AG Eric Schneiderman. Biden’s main objection is that he “does not have sufficient information to evaluate the reasonableness of [...]

Delaware AG Biden Joins Schneiderman, Intervening in Proposed BofA Settlement

By: Monday August 8, 2011 8:10 am

Bank of America was just getting over having the New York Attorney General step in on their settlement with Countrywide investors over mortgage bonds, when Delaware’s AG decided to join in. Delaware Attorney General Beau Biden also intends to intervene in the Bank of America case, Ian McConnel, a deputy attorney general at the office, [...]

With BofA Action, Schneiderman Tries to Change the Tendency Toward Whitewash of the Mortgage Mess

By: Friday August 5, 2011 7:35 am

What makes Eric Schneiderman’s bold intervention in the Bank of America mortgage settlement so important is not even necessarily this particular settlement itself, but what it means for other settlements to the mortgage mess. It’s pretty clear that Bank of America and the other top banks have a strategy of buying their way out of [...]

Schneiderman Intervenes in Bank of America MBS Settlement

By: Thursday August 4, 2011 4:54 pm

New York Attorney General Eric Schneiderman has filed a motion to intervene in the $8.5 billion settlement between Bank of America and mortgage backed securities investors, calling the proposed settlement “unfair and inadequate,” and seeking to represent those investors who would be unrepresented at court but bound by the judgment. In addition, Schneiderman alleges “fraudulent [...]

Schneiderman Questions Bank of America MBS Settlement, Seeks Documents

By: Wednesday July 13, 2011 7:35 am

When Bank of America tried to settle on all its Countrywide-issued mortgage backed securities for the low price of $8.5 billion, it was clear they were trying to get off easily. There were only a few parties who would have a claim to stopping the deal, however. Investors not a party to the settlement could [...]

Investors Petition to Intervene in BofA Whitewash Mortgage Bond Settlement

By: Tuesday July 5, 2011 12:09 pm

Many observers saw the Bank of America settlement with a group of investors on Countrywide-originated mortgage bonds as an attempt to secure a broad waiver on the chain of title issues that have plagued the industry and led to foreclosure fraud. But in addition, they were a miserable deal for investors, a mere 2-3 cents [...]

BofA Settlement Attempts Broad Waiver of Chain of Title Issues

By: Friday July 1, 2011 8:55 am

Plenty of smart people have weighed in on the Bank of America settlement with investors on $424 billion worth of mortgage backed securities. BofA will provide up to $14 billion in the settlement – $8.5 billion in cash, another $5.5 billion potentially in the next quarter – which they claim will cover all of the [...]

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