Homeowners Sue to Block BofA/BNY Deal; Details

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Homeowners Sue to Block BofA/BNY Deal; Details

Homeowners Sue to Block BofA/BNY Deal; Details

Abigail C. Field-

The $8.5 billion settlement that Bank of New York and Bank of America hope will resolve all (or almost all) mortgage backed securities claims between them has faced a lot of opposition. The attorneys general of New York and Delaware oppose the deal, as do various investors not involved in the deal negotiations. Now a new, completely different type of opposition has surfaced: homeowners whose loans are funding the securities involved in the BNY-BofA settlement.

On Tuesday, four homeowners whose loans were securitized into trusts in the settlement both sued to block the settlement in federal court and asked the New York State Court judge weighing the settlement for permission to intervene on behalf of all the borrowers whose loans are in the trusts and give the court their perspective on the BNY-BofA settlement.

Homeowners Sue to Stop the $8.5 Billion BofA-BoNY Settlement

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