Report: Bank Of America Close To Paying $8.5 Billion Back To Securities Investors In Settlement

Report: Bank Of America Close To Paying $8.5 Billion Back To Securities Investors In Settlement

Bank of America is reportedly close to settling with investors burned by securities backed by mortgages from Countrywide Financial, which BofA acquired in 2008. The investors, including the Federal Reserve Bank of New York and Blackrock Financial Management, have been twisting the bank’s arm to get it to buy back ill-advised loans that defaulted during the subprime mortgage crisis. [More]