Bank of America in Settlement Worth Over $8 Billion

Discussion in 'Wall St. News' started by stock777, Oct 5, 2008.

  1. I've told you many times, that Tanned mobster Mozillo needs to be tried , convicted, and all the 100's of millions he stole returned to the govt.


    In a sweeping deal that could be worth more than $8.6 billion, Bank of America Corp. has agreed to settle claims brought by state attorneys general regarding certain risky loans originated by Countrywide Financial Corp.

    The deal, to be announced on Monday, would cover as many as 390,000 borrowers, a Bank of America spokesman said. It would apply to borrowers who took out subprime loans with adjustable or fixed interest rates as well as those with option adjustable-rate mortgages that are serviced by Countrywide, which was acquired by Bank of America Corp. on July 1.