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发帖数: 1030 | 1 BofA weighs foreclosure deal - report
Aug 17 (Reuters) - Bank of America Corp may settle a
state and federal probe of foreclosure practices in a deal that
lets New York proceed with an inquiry into securitizations,
Bloomberg reported citing two people with direct knowledge of
the matter.
The firm may pursue an accord with most of the 50 state
attorneys general, even if it omits New York's attorney general
Eric Schneiderman, said one of the people, Bloomberg reported.
BofA did not immediately respond to an email seeking comment
outside regular U.S. business hours.
The company executives, concerned that a delay in resolving
the case is hurting the firm's stock, are open to a deal that
would resolve most of it, even if some mortgage investigations
continue, said one of the people.
In late June, BofA agreed to an $8.5 billion deal to settle
an eight-month dispute with outside investors who bought
Countrywide Financial Corp mortgage bonds. The deal, which must
be approved by a New York court, applies to all investors in
nearly all Countrywide Financial-created mortgage bonds.
[ID:N1E7741NL]
The investors -- including Pacific Investment Management Co,
or PIMCO, and BlackRock Inc -- requested the bank
repurchase toxic home loans that comprised a series of
mortgage-backed securities.
Schneiderman has said in court papers that the proposed
settlement was "both procedurally and substantively flawed." He
and Delaware attorney general Beau Biden, both Democrats, have
ongoing investigations into the mortgage system.[ID:N1E773268]
Negotiations with regulators and the five largest mortgage
servicers including Bank of America, JPMorgan Chase & Co
, Citigroup Inc , Wells Fargo & Co and Ally
Financial Inc have been bogged down over details of the
proposed deal, people with knowledge of the talks told
Bloomberg.
(Reporting by Soham Chatterjee in Bangalore)
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