Tuesday, October 19, 2010

New York Fed Urges BofA to Buy Back Loans

More trouble for BofA, after they restarted their foreclosures.
The New York Fed, along with BlackRock, the Pacific Investment Management Company and others, argued in a letter to Bank of America and the Bank of New York Mellon that Countrywide failed to properly service the loans. (Read it at the end of the post.)
What happen is that in 2008 BofA purchased Country-wide at a deep discount.  However, the cost of the purchase still coming to light, which these investment companies pushing for these loans buy backs.

Read it all

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