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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
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