Court approves Bank of America’s $8.5 B mortgage pact

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Court approves Bank of America’s $8.5 B mortgage pact

Court approves Bank of America’s $8.5 B mortgage pact

The Charleston Observer-

A New York appeals court on Thursday approved Bank of America’s $8.5 billion pact with investors over bad mortgages, potentially putting to rest a legal dispute that dates to 2011.

The Charlotte-based bank’s agreement covers 1.6 million loans that were packaged into securities from 2004 to 2008 by subprime lender Countrywide Financial and sold to big investors such as BlackRock. Bank of America bought Countrywide in 2008 and has since paid billions to cover lawsuits and penalties tied to the lender.

Bank of America negotiated the 2011 pact after the Countrywide loans had begun to sour. The bank has already set aside money for the agreement, but final court approval has been slow in coming.

Read more here: http://www.charlotteobserver.com/news/business/banking/article12610187.html#storylink=cpy

image credit: Reuters Mike Blake

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