Bank of America put a positive spin on the settlement.
"We are confident that, together with the attorneys general, we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership," Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services, said in a statement released recently by the bank.
But how successful the settlement will be remains to be seen. The New York law firm Grais & Ellsworth is organizing a coalition of mortgage investors to contest and possibly sue Bank of America over the plan. The plan, the law firm said on its Web site, "will violate the rights of the investors in the securitizations of (Countrywide's) loans."
With reports by ABC News' Charles Herman and Dan Arnall.
Do you have more information about this topic? If so, please click here to contact the editors of ABC News.
Quotes delayed 15 minutes for NASDAQ. 20 minutes for NYSE and AMEX. Market Data provided by Interactive Data. Terms & Conditions.
Powered and implemented by Interactive Data Managed Solutions
