{"id":5543,"date":"2013-12-30T00:00:00","date_gmt":"2013-12-30T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/12\/bank_of_americas_countrywide_t"},"modified":"2022-05-05T08:49:05","modified_gmt":"2022-05-05T13:49:05","slug":"bank-of-americas-countrywide-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/bank-of-americas-countrywide-t\/","title":{"rendered":"Bank of America\u2019s Countrywide to Pay $17.3M RMBS Settlement to Massachusetts"},"content":{"rendered":"

According to Massachusetts Attorney General Martha Coakley, Countrywide Securities Corp. (CFC) will pay $17 million to settle residential mortgage backed securities claims<\/a>. The settlement includes $6 million to be paid to the Commonwealth and $11.3 million to investors with the Pension Reserves Investment Management Board. Countrywide is a Bank of America (BAC) <\/a>unit.<\/p>\n

Coakley\u2019s office was the first in the US to start probing and pursuing Wall Street securitization firms for their involvement in the subprime mortgage crisis. Other RMBS settlements Massachusetts has reached include: $34M from JPMorgan Chase & Co. (JPM)<\/a>, $36M from Barclays Bank (ADR), $52 million from Royal Bank of Scotland (RBS), $102 million from Morgan Stanley (MS)<\/a>, and $60 million from Goldman Sachs. (GS).<\/p>\n

Meantime, a federal judge is expected to rule soon on how much Bank of America will pay in a securities fraud verdict related to the faulty mortgages that Countrywide sold investors. A jury had found the bank and ex-Countrywide executive Rebecca Mairone liable for defrauding Freddie Mac and Fannie Mae via the sale of loans through that banking unit. The US government wants Bank of America to pay $863.6 million in damages. Mairone denies any wrongdoing.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Massachusetts Attorney General Martha Coakley, Countrywide Securities Corp. (CFC) will pay $17 million to settle residential mortgage backed securities claims. The settlement includes $6 million to be paid to the Commonwealth and $11.3 million to investors with the Pension Reserves Investment Management Board. Countrywide is a Bank of America (BAC) unit. Coakley\u2019s office […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3868,3752],"tags":[],"class_list":["post-5543","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-countrywide-financial","category-financial-firms"],"yoast_head":"\nBank of America\u2019s Countrywide to Pay $17.3M RMBS Settlement to Massachusetts — Investor Lawyers Blog — December 30, 2013<\/title>\n<meta name=\"description\" content=\"According to Massachusetts Attorney General Martha Coakley, Countrywide Securities Corp. 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