1. Bank of America Settles on Mortgage Securities
... the Federal Reserve Bank of New York. They hold a combined $100 billion in home loans from mortgage-backed securities from Bank of America, the nation's biggest bank by assets. 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 acquired Countrywide in ... bonds at the time. Therefore, a broader group of investors will share in the proceeds, according to the people who were briefed on the proposed settlement. Additionally, Bank of America agreed to improv...
- Word Count: 793
- Approx Pages: 3
- Has Bibliography
- Grade Level: Undergraduate