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Tag Archives: Countrywide

Court Approves $8.5 billion Bank of America Settlement

In the decision, Justice David Saxe wrote for a five-judge panel that the Bank of New York Mellon did not abuse discretion in arranging the settlement, but the court also said Barbara Kapnick, the state judge who approved the accord in January, erred in excluding claims by investors regarding loan modifications on the ground that the trustee didn’t properly investigate their strength, according to Reuters.

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U.S., BofA Continue Fight in ‘Hustle’ Case

The ongoing legal battle between the U.S. government and Bank of America over the sale of soured loans to Fannie Mae and Freddie Mac before the financial meltdown continued last week as lawyers for the government argued against a motion to throw out a fraud verdict rendered against the bank.

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Report: U.S. Attorneys Set Sights on Former Countrywide Exec

U.S. attorneys in Los Angeles are reportedly preparing a civil lawsuit against former Countrywide Financial CEO and co-founder Angelo Mozilo for his alleged role in the subprime boom that led to a financial meltdown. Mozilo continues to be defiant, denying any culpability and saying in a recent deposition that that he had "no regrets" in the way that he managed Countrywide.

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