{"id":939,"date":"2011-08-30T19:38:04","date_gmt":"2011-08-30T19:38:04","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/08\/fdic_objects_to_bank_of_americ"},"modified":"2022-03-09T16:07:45","modified_gmt":"2022-03-09T22:07:45","slug":"fdic-objects-to-bank-of-americ","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fdic-objects-to-bank-of-americ\/","title":{"rendered":"FDIC Objects to Bank of America\u2019s Proposed $8.5B Settlement Over Mortgage-Backed Securities"},"content":{"rendered":"

\t\t\t\tIn the State Supreme Court of New York, the Federal Deposit Insurance Corp. has fled an objection to Bank of America<\/a> proposed $8.5 billion mortgage-backed securities settlement<\/a>. The FDIC, which is the receiver for failed banks and owns the securities that the settlement is supposed to cover, says it doesn’t have sufficient information to assess the settlement. <\/p>\n

Per the agreement, Bank of America would pay to resolve claims brought by investors of mortgage bonds from Countrywide Financial Corp., which the investment bank acquired in 2008 for $4 billion. Already, the claims related to the Countrywide MBS has cost Bank of America over $30 billion. <\/p>\n

The $8.5 billion securities settlement with Bank of America is over $424 billion in mortgages from Countrywide and was reached with 22 institutional investors, including:<\/p>\n

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

In the State Supreme Court of New York, the Federal Deposit Insurance Corp. has fled an objection to Bank of America proposed $8.5 billion mortgage-backed securities settlement. The FDIC, which is the receiver for failed banks and owns the securities that the settlement is supposed to cover, says it doesn’t have sufficient information to assess […]<\/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":[3751,3868,3752,3753],"tags":[],"class_list":["post-939","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-countrywide-financial","category-financial-firms","category-mortgage-backed-securities"],"yoast_head":"\nFDIC Objects to Bank of America\u2019s Proposed $8.5B Settlement Over Mortgage-Backed Securities — Investor Lawyers Blog — August 30, 2011<\/title>\n<meta name=\"description\" content=\"In the State Supreme Court of New York, the Federal Deposit Insurance Corp. has fled an objection to Bank of America proposed $8.5 billion 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