Bank of America nears mortgage suit settlement | Business | Chron.com - Houston Chronicle: "The proposed settlement is with a group of large investors including Pimco and BlackRock, as well as the Federal Reserve Bank of New York. Together they hold $56 billion in mortgage-backed securities from Bank of America, based in Charlotte, N.C.
The securities affected by the deal come from Countrywide Financial, the subprime mortgage lender whose practices have come to symbolize the excesses of the housing boom. Bank of America bought Countrywide in 2008.
The settlement goes beyond the securities owned by these investors, however. It covers nearly all of Countrywide's first-lien mortgages, which total $424 billion worth of original, unpaid principal balances. As a result, investors beyond those that are concluding the settlement stand to benefit."
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