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RMBS

Judge Grants Investors Against BofA RMBS Settlement More Time

Published Updated 1 Min Read

U.S. District Judge William Pauley set a Sept. 21 hearing to consider requests from some investors to move the case against Bank of America Corp.‘s $8.5 billion settlement to the Manhattan federal court from a New York state court, according to a Reuters report.

“It strikes me there are some novel and complex issues,” Pauley said at a hearing on Thursday, reported Reuters.”The court would benefit from some fulsome briefing.”

The delay can jeopardize the scheduled Nov. 17 hearing in front of New York State Supreme Court Justice Barbara Kapnick to consider approving the settlement.

The settlement covers 530 mortgage pools with $174 billion of unpaid principal balances from Countrywide Financial Corp., which was the largest mortgage lender in the country prior to BofA buying it back in 2008.
       
    

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