Bank of America Announces Agreement on Legacy Countrywide Mortgage Repurchase and Servicing Claims – 06/29/11
Bank of America Corporation announced last week, in a landmark settlement, that it has reached an agreement to resolve almost all of the Countrywide-issued first-lien Residential Mortgage-Backed Securitization (RMBS) repurchase exposure. The settlement with The Bank of New York Mellon (BNY Mellon) covers 530 RMBS trusts with an original principal balance of $424 billion. The settlement is just the beginning when considering how many banks were involved with RMBS transactions.