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Bank of America Reaches Settlement With Investors

Mortgage News > Bank of America Reaches Settlement With Investors
Date: 06/29/2011    Bank of America Reaches Settlement With Investors

Bank of America reached a settlement with investors who purchased bundled mortgages that then went bad with the crash of the housing market.  USA Today reported the settled amount of $8.5 billion will be divided among 22 investors including “BlackRock, Pacific Investment Management and Goldman Sachs Asset Management.”

Bank of America will report a loss of $9.1 billion in the second quarter which includes the settlement as well as other losses.

BofA shares however rose 32 cents finishing at $11.14.

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