New York To Oppose Bank of America $8.5 Billion Mortgage Settlement

Published on Fri, 08/05/2011 - 09:03
By FNNO Staff in General Interest, analysis, bac, bank of america, business, finance, market, mellon, mortgage, new york, news, stock, trading, News Update
analysis, bac, bank of america, business, finance, market, mellon, mortgage, new york, news, stock, trading

New York Attorney General Eric Schniederman will oppose Bank of America's (NYSE:BAC) $8.5 billion settlement over repurchasing toxic mortgage loans.

In June, the bank settled a dispute with outside investors, including PIMCO and Blackrock (NYSE:BLK) who purchased Countrywide Financial mortgage bonds.

The settlement, which also included securities trustee Bank of New York Mellon (NYSE:BK), has to be approved by a New York court.

Bank of America (NYSE:BAC) has a potential upside of 58.3% based on a current price of $8.83 and an average consensus analyst price target of $13.98.

By FNNO Staff
fnnonline@gmail.com

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