New home sales plummet 14.5% in March

New home sales plummet 14.5% in March

Spring buying season off with a whimper

4 metrics reveal California's true housing market

Foreclosures dwindle as home prices skyrocket

HUD’s Donovan: This is the worst rental crisis in this nation, ever

Says administration is very pleased with Johnson-Crapo
W S
Investments / The Ticker

FDIC files objection in Bank of America MBS settlement case

legal steps

According to The Wall Street Journal, Bank of America (BAC) may see a nearly closed mortgage-backed securities case reopened after the U.S. government filed an objection, derailing a proposed $500 million settlement the lender made earlier this year over allegedly defective mortgages.  

Late Monday night, the Federal Deposit Insurance Corporation filed an objection against the settlement Bank of America announced in April regarding allegations it sold billions of dollars of mortgage-backed securities backed with defective loans originated by mortgage-lender Countrywide, which it purchased in 2008. The plaintiffs said that by late 2008, virtually all of those certificates were downgraded to junk bond status.

Source: WSJ
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus