Bank of America Corp.’s Countrywide unit has agreed to pay $500 million to settle a class action lawsuit over billions of dollars in residential mortgage-backed securities that were downgraded to junk, Bloomberg News reports.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Prosecutor: Countrywide Defrauded Fannie and Freddie
- Bond Insurer Loses Ruling on Countrywide Loan Repurchase
- BofA to Settle with Fannie Mae
- Years of Lawsuits Ahead for BofA
- Herbalife to Pay $15 Million to Settle ‘Pyramid Scheme’ Lawsuit
- BofA Prompts Countrywide Downgrade
- Unbowed, Mozilo Says Countrywide Was ‘World-Class Company’
- News of the Week