Bank of America agrees to $8.5B Countrywide settlement

Bank of America Corp. will pay $8.5 billion in a game-changing settlement that it hopes will put some of its mortgage troubles in the past. The deal, pending court approval, calls for the bank to pay $8.5 billion to settle claims brought by 22 private mortgage investors that bought 530 mortgage securities worth $424 billion from BofA's acquisition of Calabasas-based Countrywide Financial. The settlement covers only those claims related to Countrywide loans, which have been responsible for most of BofA?s mortgage losses since it bought the subprime lender in...

Source: http://feeds.bizjournals.com/~r/bizj_cincinnati/~3/vc4THus0150/bank-of-america-agrees-to-85b.html

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