A coalition of six Federal Home Loan Banks has gone to court seeking formal standing as investors in the proposed $8.5 billion Bank of America settlement over mortgage-backed securities even as court papers reveal investors could be owed a sum three times greater than the current BofA proposal.The Federal Home Loan Banks of Boston, Chicago, Indianapolis, Pittsburgh, San Francisco and Seattle together own certificates in 73 of the trusts that are part of the proposed settlement for which they paid more than $8.8 billion.
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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