Bank Of America To Pay $1.7B To Settle Mortgage- Backed Securities Claims

Bank Of America To Pay $1.7B To Settle Mortgage- Backed Securities Claims

NEW YORK - Bank of America Corp. (BoA) will pay nearly $1.7 billion to MBIA Inc. and certain of its subsidiaries to settle claims in New York State court that BoA misrepresented the investment quality of and risk associated with certain mortgage-backed securities (MBS) it sold to MBIA, according to press releases issued by both parties on May 6 (MBIA Insurance Corp. v. Countrywide Home Loans Inc., et al., No. 602825-2008, N.Y. Sup., New York Co.).

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