BofA promises vigorous defense against suit filed by N.Y. Fed, others

10/19/2010 | Wall Street Journal, The · Bloomberg

Pimco, BlackRock and the Federal Reserve Bank of New York have filed a suit seeking to force Bank of America to repurchase $47 billion worth of mortgage-backed bonds originated by its Countrywide Financial unit. The bondholders are alleging that the loans were not serviced properly. Bank of America says the allegations are unfounded and promises a vigorous defense.

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Wall Street Journal, The · Bloomberg

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