BofA proposed $8.5 billion settlement

Opposition to Bank of America’s proposed $8.5 billion settlement with Countrywide mortgage-backed securities investors consisted of a handful of investor groups represented by a handful of law firms. Even if you counted the six Federal Home Loan Banks that have moved to intervene but haven’t yet gone on record opposing the deal, intervenors represented less …

Countrywide Must Face MBIA Fraud Claim, Appeals Court Rules

Bank of America Corp. (BAC) and its Countrywide Financial Corp. unit must face a fraud claim brought by bond insurer MBIA Insurance Corp., an appeals court ruled. The New York court yesterday upheld an April 2010 trial- court denial of Countrywide’s motion to dismiss the claim against it in the 2008 suit. MBIA alleges that …