Bank of America, Syncora settle mortgage fraud lawsuit

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Bank of America, Syncora settle mortgage fraud lawsuit

Bank of America, Syncora settle mortgage fraud lawsuit

BofA said lets move over and let JPMorgan have at em’ ..LOL

Reuters-

Bank of America Corp (BAC.N) agreed to settle a lawsuit alleging that its unit Countrywide Financial fraudulently misrepresented mortgage-backed securities insured by Syncora Guarantee, sources close to the settlement said.

The terms of the settlement were not immediately available.

In a filing in state court in New York on Tuesday, Syncora Guarantee, a unit of Syncora Holdings Ltd (SYCRF.PK), said it had agreed to discontinue the lawsuit.

Syncora was among bond insurers, including MBIA Inc (MBI.N), that sued Bank of America over representations made by Countrywide, a mortgage lender bought by Bank of America in 2008.

[REUTERS]

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  1. […] yesterday we learned that Bank of America and Syncora reached theirs…Could JPMorgan be next to settle with […]


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