Many observers saw the Bank of America settlement with a group of investors on Countrywide-originated mortgage bonds as an attempt to secure a broad waiver on the chain of title issues that have plagued the industry and led to foreclosure fraud. But in addition, they were a miserable deal for investors, a mere 2-3 cents on the dollar for a settlement that barely 1/4 of them agreed to. The settlement requires court approval. And a group of investors want to intervene to block it.
|By: David Dayen Tuesday July 5, 2011 1:29 pm|