BofA Stands Down, Settles Non-Agency MBS Buybacks and Sets Path for Others
July 1, 2011
Facing a growing coalition of dissatisfied non-agency mortgage-backed security investors, Bank of America announced this week that it plans to settle a large portion of its non-agency MBS claims related to buybacks and servicing. The action sets a precedent for the sector, making settlements with other non-agency MBS issuers more likely. Bank of America has charted...[Includes one graph]