Google+
  • Ocwen3.86+0.05 +1.31%
  • Zillow41.19+0.17 +0.41%
  • Trulia4.01+0.33 +8.97%
  • NationStar19.71-0.43 -2.14%
  • CoreLogic48.59-0.51 -1.04%
  • RE/MAX66.95-0.05 -0.07%
  • Fannie Mae3.07-0.03 -0.97%
  • Freddie Mac2.99-0.01 -0.33%
  • Wells Fargo53.75+0.34 +0.64%
  • CitiMortgage72.88-0.24 -0.33%
  • Bank of America26.58+0.10 +0.38%
  • Fidelity National Financial35.59+0.57 +1.63%
  • First American50.65+0.28 +0.56%
  • Black Knight Financial Services43.05-0.55 -1.26%
  • AUDUSD=X0.7848-0.0029 -0.3656%
  • USDJPY=X113.3620+0.8050 +0.7152%
Home | Daily Dose | Bank of America Agrees to $335 Million Settlement Involving RMBS
Print This Post Print This Post

Bank of America Agrees to $335 Million Settlement Involving RMBS

money-fiveBank of America’s troubles with residential mortgage-backed securities are not over yet. According to the bank’s quarterly filing with the Securities and Exchange Commission, the bank has agreed to pay $335 million to settle a federal lawsuit that claims the bank misled shareholders as to the quality of certain mortgage-backed securities sold to investors immediately following the crisis.

Shareholders of the Pennsylvania Public School Employees’ Retirement System (PSERS) claimed in the suit that Bank of America misled them into buying stock in 2009 and 2010, some of which the bank sold to repay a $45 billion bailout. The plaintiffs also claimed that the bank knew it could not raise enough capital to buy back billions of dollars worth of securities backed by risky residential mortgage loans. Many of the risky loans were issued by Countrywide, one of the nation’s largest subprime lenders which Bank of America acquired in 2008.

The plaintiffs also claimed that Bank of America knew that recordkeeping in MERSCORP’s private Mortgage Electronic Registration System (MERS), which is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members, prevented the bank from legally foreclosing on thousands of mortgages that were delinquent.

The complaint alleges that MERS, which was created in 1995, operated seamlessly until 2008, when the housing crisis began and the country saw a major increase in mortgage defaults. The complaint states that “a number of courts made clear that it would be nearly impossible for mortgage holders or servicers to foreclose on loans processed or transferred via MERS. To foreclose on a mortgage, a party must have title to it. Courts reasoned that because MERS listed itself as the mortgagee, mortgage holders and servicers did not have standing to foreclose. Some of these suits involved BoA and Countrywide in their capacities as a mortgage holder or servicer.”

A spokesperson for the PSERS confirmed to DS News via email that a proposed settlement has been reached with Bank of America in a class action pending in the U.S. District Court for the Southern District of New York, saying "We are pleased to have served as lead  plaintiff for this case and to have achieved this proposed settlement on behalf of PSERS’ members and fellow class members. The proposed settlement is pending approval by Honorable William H. Pauley, III."

When contacted for comment, a Bank of America spokesman directed DS News to the bank’s SEC filing, which can be accessed by clicking here. In the filing, the bank stated that “[t]he parties in Pennsylvania Public School EmployeesRetirement System v. Bank of America, et al. agreed to settle the claims for $335 million, an amount that was fully accrued as of June 30, 2015. The agreement is subject to final documentation and court approval.”

MERSCORP issued the following statement regarding the Pennsylvania Public School Employees' Retirement System v. Bank of America case: “Neither MERSCORP Holdings, Inc. nor its subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS) was a party to the lawsuit or the settlement. The courts have consistently found MERS’ role to be valid and we continue to operate in all 50 states. Today, MERS is named as mortgagee on more than two-thirds of new mortgage originations. In the 2012 order denying Bank of America’s motion to dismiss, the judge stated ‘Indeed, the plaintiff’s counsel conceded at oral argument that there is ‘nothing wrong’ with MERS if it is used correctly.’”

Bank of America has spent more than $70 billion on legal settlements and regulatory claims since the financial crisis, a large portion of which has stemmed from its July 2008 acquisition of Countrywide and the subsequent acquisition of Merrill Lynch six months later. This amount includes a then-record $16.65 billion settlement with the government in August 2014 over the misrepresentation of the quality of mortgage-backed securities sold to investors.

To view the Pennsylvania Public School Employees’ Retirement System’s complaint, click here.

About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

263 comments

  1. Pingback: Bank of America Agrees to $335 Million Settlement Involving RMBS - Appraisal Buzz

  2. Pingback: Bank of America Agrees to $335 Million Settlement Involving RMBS - Brokers TitleBrokers Title

  3. Pingback: xmt85c4wx5ctwxw3tcerthve56

  4. Pingback: alcohol rehab

  5. Pingback: دانلود قسمت هشتم شهرزاد دوم

  6. Pingback: دانلود شهرزاد قسمت نهم فصل دوم

  7. Pingback: دانلود قسمت ششم فصل دوم شهرزاد

  8. Pingback: Dillion Harper

  9. Pingback: دانلود قسمت سیزده عاشقانه

  10. Pingback: Michelle Martinez

  11. Pingback: Allie Haze

  12. Pingback: Peta Jensen

  13. Pingback: Marley Brinx

  14. Pingback: dolandirici

  15. Pingback: hamptonbaycelingfanblog

  16. Pingback: Cherry Hilson

  17. Pingback: Free Stuff Worldwide

  18. Pingback: Boom lift service

  19. Pingback: movie

  20. Pingback: casino swing

  21. Pingback: دانلود قسمت 11 شهرزاد 2

  22. Pingback: دانلود قسمت دوازدهم عاشقانه

  23. Pingback: دانلود قسمت سوم شهرزاد دوم

  24. Pingback: دانلود قسمت پنجم شهرزاد دوم

  25. Pingback: دانلود قسمت سیزده عاشقانه

  26. Pingback: دانلود قسمت اول شهرزاد دوم

  27. Pingback: nba singlet australia

  28. Pingback: videos porno

  29. Pingback: porno

  30. Pingback: videos porno

  31. Pingback: porno gratis

  32. Pingback: porno gratis

  33. Pingback: porno

  34. Pingback: porno

  35. Pingback: videos porno

  36. Pingback: ساخت پنجره دو سه جداره

  37. Pingback: دانلود سریال عاشقانه

  38. Pingback: پنجره دوجداره ویستابست

  39. Pingback: شرکت تولیدی پنجره دوجداره

  40. Pingback: how to make a capricorn female like you

  41. Pingback: پنجره ضد سرقت ترک

  42. Pingback: Acne Facial Treatments Deerfield Beach

  43. Pingback: Facial Spa Services Margate

  44. Pingback: Facial Spa Services Lazy Lake

  45. Pingback: Acne Facial Treatments Davie

  46. Pingback: Facial Spa Services Fort Lauderdale

  47. Pingback: Acne Facial Treatments Sea Ranch Lakes

  48. Pingback: فروش توری

  49. Pingback: پنجره دوجداره

  50. Pingback: hip wrap

  51. Pingback: دانلود موزیک

  52. Pingback: casino games craps

  53. Pingback: lesbo

  54. Pingback: hotel booking sites usa

  55. Pingback: URL

  56. Pingback: Roof Repair Long Island

  57. Pingback: video gaming

  58. Pingback: zynga poker chips for sale

  59. Pingback: see website

  60. Pingback: jake burgess palo alto ca

  61. Pingback: sexy men underwear

  62. Pingback: پنجره دوجداره

  63. Pingback: پنجره دوجداره

  64. Pingback: coin-banks

  65. Pingback: antena do cb radia

  66. Pingback: DraftKings DFS

  67. Pingback: coin-banks exchange

  68. Pingback: bitcoin trading

  69. Pingback: bitcoin investment coin-banks

  70. Pingback: coin-banks bitcoin

  71. Pingback: my baseball card

  72. Pingback: دانلود قسمت هشتم شهرزاد

  73. Pingback: l�exemple

  74. Pingback: anime series

  75. Pingback: titleist 917 d2 driver

  76. Pingback: دانلود فیلم

  77. Pingback: unlimited gems clash royale

  78. Pingback: دانلود شهرزاد قسمت 15

  79. Pingback: دانلود شهرزاد 13

  80. Pingback: پنجره

  81. Pingback: Accounting firms in chicago

  82. Pingback: TRUSSARDI BAGS

  83. Pingback: http://thegameshub.net/index.php?task=profile&id=11661532

  84. Pingback: KLIK

  85. Pingback: McLaren

  86. Pingback: Chaincoin (chc)

  87. Pingback: five little monkeys

  88. Pingback: 16 دانلود سریال شهرزاد

  89. Pingback: Recommended Reading

  90. Pingback: Roofing Long Island

  91. Pingback: دانلود عالیجناب قسمت اول

  92. Pingback: دانلود عالیجناب اول 1

  93. Pingback: versos cortos

  94. Pingback: 食品

  95. Pingback: دانلود فیلم

  96. Pingback: دانلودسریال عالیجناب قسمت دوم

  97. Pingback: Ultimate Trading Robot Review

  98. Pingback: game

  99. Pingback: political polls twitter

  100. Pingback: cpf

  101. Pingback: Best Baby Crib Mattress

  102. Pingback: Party tents for hire

  103. Pingback: پنجره ضد سرقت ایرانی

  104. Pingback: Atlanta artist Corey Barksdale

  105. Pingback: دانلود

  106. Pingback: فروش توری پنجره دوجداره

  107. Pingback: آموزش پنجره دوجداره

  108. Pingback: دانلود فیلم

  109. Pingback: Lollipop Finger Family

  110. Pingback: Tile and Grout Cleaning Killeen TX

  111. Pingback: Boxspringbett mit Bettkasten

  112. Pingback: profil

  113. Pingback: Vancouver Limo Services

  114. Pingback: دانلود فیلم سریال ایرانی

  115. Pingback: دانلود فیلم

  116. Pingback: Linkin park

  117. Pingback: aws online course

  118. Pingback: دانلود فیلم

  119. Pingback: upvc

  120. Pingback: پنجره دوجداره

  121. Pingback: پنجره دوجداره

  122. Pingback: ключар

  123. Pingback: پنجره دوجداره

  124. Pingback: پنجره دوجداره

  125. Pingback: پنجره

  126. Pingback: دانلود

  127. Pingback: پنجره

  128. Pingback: پنجره دوجداره

  129. Pingback: پنجره دوجداره

  130. Pingback: پنجره دوجداره

  131. Pingback: پنجره دوجداره

  132. Pingback: IELTS classes in Karachi

  133. Pingback: مشاوره بازاریابی اینترنتی

  134. Pingback: drugs

  135. Pingback: IELTS exam in Karachi

  136. Pingback: 2 week diet review

  137. Pingback: Civil engineering

  138. Pingback: slot online android

  139. Pingback: garden bridges los angeles

  140. Pingback: dewa judiqq

  141. Pingback: go to this web-site

  142. Pingback: Funny Pictures

  143. Pingback: Limo Service Vancouver BC & Party Limos Bus Vancouver BC

  144. Pingback: game gaple

  145. Pingback: https://h30434.www3.hp.com/t5/user/viewprofilepage/user-id/3003687

  146. Pingback: 2 Week Diet System

  147. Pingback: rainfall shower head

  148. Pingback: walmart1

  149. Pingback: Klinik aborsi jakarta

  150. Pingback: private proxies

  151. Pingback: window price

  152. Pingback: promoter

  153. Pingback: دانلود

  154. Pingback: Lincoln dental connect

  155. Pingback: Yakima Web Design Company

  156. Pingback: EVA TV

  157. Pingback: google hd porn

  158. Pingback: pig toys

  159. Pingback: قیمت پنجره

  160. Pingback: پنجره

  161. Pingback: پنجره دوجداره

  162. Pingback: Share Internet

  163. Pingback: پنجره

  164. Pingback: plumbing

  165. Pingback: Ahmad

  166. Pingback: top 40 songs

  167. Pingback: www

  168. Pingback: Java function symbolic derivative calculator numeric

  169. Pingback: garden bridges

  170. Pingback: artpics store

  171. Pingback: Online Live Casino Malaysia

  172. Pingback: osito de goma de gelatina

  173. Pingback: usi tech presentation

  174. Pingback: 192.168.0.1.1 trocar senha wifi

  175. Pingback: gay porn

  176. Pingback: صيانة

  177. Pingback: live sex cams

  178. Pingback: Web Design

  179. Pingback: karaj

  180. Pingback: دانلود فیلم

  181. Pingback: پنجره دوجداره

  182. Pingback: Test Bank

  183. Pingback: download movie

  184. Pingback: دانلود سریال

  185. Pingback: best real estate wordpress theme

  186. Pingback: garden bridges east coast

  187. Pingback: Bad Credit Remortgages

  188. Pingback: what that

  189. Pingback: reginald

  190. Pingback: Self Storage Units and Facilities in Mills Pond Park

  191. Pingback: Bandar Bola

  192. Pingback: personnel consultant

  193. Pingback: Commercial Projects in gurgaon

  194. Pingback: selling on amazon

  195. Pingback: cheap vape pen starter kit

  196. Pingback: lyrics genius

  197. Pingback: crazy vape mods

  198. Pingback: cheap jordans china

  199. Pingback: نهنگ عنبر

  200. Pingback: what is a student solutions manual

  201. Pingback: www.youtube.com

  202. Pingback: Judi Poker

  203. Pingback: https://www.zotero.org/jimstephens1

  204. Pingback: Yarra Valley

  205. Pingback: https://forums.createspace.com/en/community/people/JimStephens32

  206. Pingback: hayabusa mma socks

  207. Pingback: do you agree

  208. Pingback: Buy Cheap Discount Postage for Small and Home Business

  209. Pingback: how to make a scorpio man fall in love with a gemini woman

  210. Pingback: پنجره دوجداره

  211. Pingback: دانلود فیلم رایگان

  212. Pingback: دانلود فیلم دوبله شده

  213. Pingback: music

  214. Pingback: دانلود فیلم نهنگ عنبر

  215. Pingback: Car seat canopy

  216. Pingback: Stroller canopy

  217. Pingback: Infant car seat canopy

  218. Pingback: Limo Service Vancouver BC & Party Limos Bus Vancouver BC

  219. Pingback: real caller blackberry

  220. Pingback: Android Porn App

  221. Pingback: Authentiek Jassen canada goose

  222. Pingback: child abuse hotline

  223. Pingback: SkinAlley

  224. Pingback: Judi Online Terkini

  225. Pingback: missguided coupon code

  226. Pingback: maxima investments

  227. Pingback: try this site

  228. Pingback: porn movie

  229. Pingback: porn app

  230. Pingback: game hack

  231. Pingback: Ngobrol Sepakbola

  232. Pingback: پنجره

  233. Pingback: دانلود فیلم نهنگ عنبر 2

  234. Pingback: Android Tablet

  235. Pingback: pirater un compte facebook

  236. Pingback: watch porn google

  237. Pingback: لینکدونی فروش

  238. Pingback: link

  239. Pingback: ΚΟΥΠΟΝΙ ΣΤΟΙΧΗΜΑ

  240. Pingback: USAA Bank

  241. Pingback: Garbage Trucks Rule

  242. Pingback: 2 فیلم نهنگ عنبر

  243. Pingback: Oddsmonkey

  244. Pingback: Keyword5: Situs Judi Togel terpercaya

  245. Pingback: mens soccer world cup

  246. Pingback: Oddsmonkey

  247. Pingback: ΦΙΛΟΞΕΝΙΑ ΙΣΤΟΣΕΛΙΔΩΝ ΤΙΜΕΣ

  248. Pingback: Oddsmonkey

  249. Pingback: Oddsmonkey

  250. Pingback: Oddsmonkey

  251. Pingback: Oddsmonkey

  252. Pingback: Oddsmonkey

  253. Pingback: Oddsmonkey

  254. Pingback: envisionsolutionsnow.com/omega-xl-review/

  255. Pingback: eyevage

  256. Pingback: prostara review

  257. Pingback: Car seat cover

  258. Pingback: نهنگ عنبر

  259. Pingback: btc to usd

  260. Pingback: Social Media

  261. Pingback: Sell illegal backlinks

  262. Pingback: فیلم رگ خواب

  263. Pingback: smart glass

Leave a Reply

Scroll To Top