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Bank of America's (BAC) loan-servicing unit carried out problematic mortgage modifications after...

Bank of America's (BAC) loan-servicing unit carried out problematic mortgage modifications after it bought Countrywide, court documents allege. The filings are part of a lawsuit by three Federal Home Loan Banks and an investment vehicle which argues BofA's proposed $8.5B deal to compensate investors who suffered losses because of Countrywide's mortgage abuses is not enough. The documents could raise new doubts about whether a judge will approve the deal.
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Comments (2)
  • User 509088
    , contributor
    Comments (1101) | Send Message
     
    when one considers the clusterf-ck which has been the financial industry since the days when everyone was wandering around muttering let the market police itself, like so many zombies in pinstripes, it is difficult for some of us to watch their shills blaming the fed or obama.

     

    4 Feb 2013, 06:39 AM Reply Like
  • MexCom
    , contributor
    Comments (3053) | Send Message
     
    I amount in question is small compared to previous settlements and the situation involved has already been settled. This could be the cornerstone of the end of these suits. I hope the bank digs in their heals on this one to signal the end of this type litigation to show the costs of fighting the bank would here on in be less than the potential rewards.
    4 Feb 2013, 06:44 AM Reply Like
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