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.

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