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 …

Ocwen is largest subprime mortgage servicer

In 2010, Ocwen ranked fourth in subprime mortgage servicing, at $56 billion in volume. That was behind American Home Servicing ($78 billion), Bank of America/Countrywide ($82 billion) and Chase Home Finance ($90 billion). Ocwen claims its recent acquisition activity will catapult its volume to close to $100 billion per year. During the quarter, Ocwen acquired …

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 …

Countrywide BofA is mailing settlement checks

Countrywide Financial Corp. has mailed checks for more than $3,000 to hundreds of Connecticut residents who lost or could lose their homes as a result of the company’s “abusive and unfair” home loan practices, Attorney General Richard Blumenthal said Monday. The payments are part of a previously announced, $8.4 billion, multistate settlement with Countrywide, now …