Items Tagged with 'Countrywide'

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HSBC plans $420M suit against Merrill Lynch, Bank of America for toxic Countrywide loans

HSBC claims Merrill Lynch, BofA knew loans were bad, securitized them anyway
HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless. Here are all the details.
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Appeals Court overturns Bank of America's $1.27 billion fine in 'Hustle' case

BofA handed victory in row over Countrywide mortgages
The United States Court of Appeals for the Second Circuit handed Bank of America a massive victory, and dealt the Department of Justice a major blow, on Monday when it overturned a $1.27 billion penalty against the megabank in a fraud case over defective mortgages sold by Countrywide. The case stems from the government suing Bank of America over Countrywide's "Hustle" loan origination process.
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Finally: $8.5B Countrywide mortgage bond settlement gets green light

Payouts set to reach burnt investors as soon as June
Ending a legal quagmire that stretched back to 2011, investors are finally set to receive their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon, which acted as the trustee for the mortgage bond investors.
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Bank of America nearing halfway mark in $7 billion consumer relief effort

Payment part of $16.65 billion settlement over toxic mortgages
Bank of America is approaching the halfway point in delivering on its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and others to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Countrywide whistleblower will receive $57 million

Edward O’Donnell to get part of record Bank of America settlement
The whistleblower at the center of the so-called "Hustle" case against Bank of America over Countrywide mortgage loans will also receive a hefty payout for his participation in the record $16.65 billion settlement between BofA and the U.S. Department of Justice to resolve claims over toxic mortgage-backed securities on residential mortgage loans sold to Fannie Mae and Freddie Mac.
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Massive subprime mortgage bond portfolio ready to trade

Interested in subprime bonds? More than $2.4 billion is available now
According to bond analytics firm Interactive Data, the $4.6 billion portfolio of vintage debt is the largest of 2014, surpassing the January liquidation of the ING US portfolio from the Dutch State Treasury Agency, which checked in at $4.3 billion.
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