11/5/2010

Brian Moynihan, CEO at Bank of America, said a letter from the Federal Reserve Bank of New York, Pacific Investment Management, BlackRock and other investors came as a surprise. The letter demands that Bank of America repurchases mortgages that were pooled into securities. "The fact that they signed the letter from your standpoint surprised you, it surprised me, and it is a surprise to a lot of people," Moynihan said, in reference to bondholders. "We have disputes with them about other assets in those pools, and we've resolved them. So life will go on."

Full Story:
Bloomberg

Related Summaries