A Bank of America sign is displayed outside a branch in Tucson, Arizona in this January 21, 2011 file photo. Bank of America Corp is close to a deal to pay $8.5 billion to settle claims from a group of powerful investors that lost money on mortgage-backed securities, a person familiar with the matter said on June 28, 2011.
Credit: Reuters/Joshua Lott/Files
Credit: Reuters/Joshua Lott/Files
Wed Jun 29, 2011 8:17am EDT
(Reuters) – Bank of America Corp settled nearly all of the claims related to the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure for $8.5 billion in cash .The largest U.S. bank by assets said it intends to record an additional $5.5 billion provision to its representations and warranties liability for both Government-Sponsored Enterprises (GSE) and non-GSE exposures in the second quarter of 2011.
On Tuesday Reuters reported that Bank of America was close to a settlement agreement with a group of powerful group of investors that lost money on mortgage-backed securities.
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