Supporting, Informing & Connecting People in Foreclosure
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-...