Kathy Patrick News
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Ally Financial Inc., the auto lender seeking to dislodge a money-losing mortgage unit in a bankruptcy proceeding, said a group of bondholders has withdrawn its support for the plan.
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The lawyer who helped craft a proposed $8.5 billion settlement with Bank of America Corp. over soured mortgages urged some of her biggest bondholder clients to oppose a more aggressive stance set forth by a rival attorney.
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Bank of America Corp. , responding to the attorney for a bondholder group that’s pushing the bank to repurchase soured home loans, demanded proof the lawyer is authorized to mount an attack on behalf of investors including units of BlackRock Inc. and MetLife Inc.
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A bondholder group seeking reimbursements from Bank of America Corp. over soured home-loan securities said the amount of debt it holds grew to $84 billion after more investors joined the dispute.
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The Federal Reserve Bank of New York joined with the biggest bond investors in the U.S. in seeking to force Bank of America Corp. to buy back bad home loans packaged into securities as the battle over who will bear mortgage losses intensifies.
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Pacific Investment Management Co., BlackRock Inc. and the Federal Reserve Bank of New York are seeking to force Bank of America Corp. to repurchase soured mortgages packaged into $47 billion of bonds by its Countrywide Financial Corp. unit, people familiar with the matter said.
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The lawyer who helped craft a proposed $8.5 billion settlement with Bank of America Corp. over soured mortgages urged some of her biggest bondholder clients to oppose a more aggressive stance set forth by a rival attorney, Bloomberg News Jody Shenn and David McLaughlin report.
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Gibbs & Bruns LLP, the law firm that won an $8.5 billion settlement from Bank of America Corp. tied to faulty mortgage bonds said Wells Fargo & Co. and Morgan Stanley failed to service $73 billion of similar securities, creating a default.
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Credit Suisse Group AG agreed to settle a fraud lawsuit by noteholders of affiliates of National Century Financial Enterprises Inc.
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Bank of America Corp.’s proposed $8.5 billion settlement with mortgage-bond investors must be considered in federal court and not in New York state court where it was first filed, a U.S. judge said.
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