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