Wednesday, May 1, 2013

$500 million



"Bank of America Corp has reached a record $500 million settlement with investors who claimed they were misled by its Countrywide unit into buying risky mortgage debt. 

The settlement is the largest to resolve federal class-action litigation over mortgage-backed securities, surpassing a $315 million accord with the bank's Merrill Lynch unit that won court approval last May.

Bank of America said the settlement resolves claims on about 80 percent of the unpaid principal balance of Countrywide-issued residential mortgage-backed securities, and 70 percent of similar claims against the bank overall."

Hmm, settlement for fraud

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