"Bank of America has rejected a request to buy back $47 billion dollars in soured mortgage loans originated by Countrywide, who they bought in 2008. This will likely trigger legal action by the consortium of investors who called for the repurchases, including institutional giants Pimco and BlackRock, and the Federal Reserve Bank of New York. BofA, in a letter, denied that the loans were made or handled improperly.Yeah, ok, so it isn't all that sexy. It should be interesting though.
Saturday, November 6, 2010
Bank on Bank action!
BofA Sets Up Huge Battle, Stares Down Pimco and NYFed on Mortgage Repurchases | FDL News Desk:
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