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BoA 8.5 Billion Putback Agreement with One Investor Syndicate

BoA Press Release

Bank of America Announces Agreement on Legacy Countrywide Mortgage Repurchase and Servicing Claims


Agreement Covers Nearly All Legacy Countrywide-Issued First-Lien Private-Label RMBS Exposure, Represents 530 Trusts With Original Principal Balance of $424 Billion
 

 

Bank of America and Countrywide to Pay $8.5 Billion to Settle Claims; Will Provide an Additional $5.5 Billion in the Second Quarter of 2011 for Representations and Warranties Exposure

 
At Quarter End Will Have Settled or Provided Additional Reserves for a Substantial Portion of the Original Principal Balance of Representations and Warranties Exposure With Settlement and Additional Mortgage-Related Costs, Company Expects to Report Second-Quarter 2011 Loss of $0.88 to $0.93 Per Share, Including a Goodwill Impairment Charge of $2.6 Billion
Excluding Mortgage Items and Other Non-Operating Items, Company Expects to Report Second-Quarter 2011 Net Income of $0.28 to $0.33 Per Share


From last fall:

Kathy Patrick's Investor Syndicate letter to BoA  http://www.scribd.com/doc/39838424/Bondholder-Letter-to-BofNY-and-B...

BoA's response  http://www.scribd.com/doc/41592157/BofA-Response-Letter-to-Patrick-...

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