Day 2 of Bank of America's (BAC) Article 77 hearing led off with a new revelation: Chief Risk...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Day 2 of Bank of America's (BAC) Article 77 hearing led off with a new revelation: Chief Risk Officer Terry Laughlin in Nov. 2011 told the 22 institutional investors in favor of the settlement the bank had been given permission to put Countrywide into bankruptcy if the mortgage lender's liabilities threatened the BofA's viability - the message clearly being the $8.5B settlement was a pretty good outcome for those suffering losses. Naturally, the "objectors" say there were other options rather than signing off on a "sweetheart deal."