Dozens of tranches from over $6 billion in Alt-A and option-ARM residential mortgage-backed securities have been upgraded thanks to Bank of America Corp.’s massive settlement.
An $8.5 billion settlement between Bank of America, N.A., and RMBS trustee Bank of New York Mellon was originally reached in 2011 and approved by an appeals court last year.
The settlement with BofA, which acquired Countrywide Financial Corp. in July 2008, resolved Countrywide’s alleged breach of representations and warranties and shoddy servicing practices.
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From:: Financing