BOFA “SETTLEMENT” NOT A DONE DEAL, AND NOT A GOOD DEAL FOR INVESTORS
June 30, 2011
The so called Bank of America settlement, in which the Charlotte bank is set to pay $8.5 billion to settle representation and warranty liability on 530 mortgage trusts representing $424 billion of par value, is being hailed as a possible template for other mortgage issuers and servicers. I sure hope not, because some of the things I see in this deal look plenty troubling.
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