Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Saturday, August 6, 2011

BofA Settles With Rich Bondholders Update, 6 Aug

Delaware to intervene in BoA $8.5 billion pact

I hope this is more than pander, but...

(Reuters) - A day after New York's attorney general called Bank of America Corp's (BAC.N) $8.5 billion mortgage-backed securities settlement "unfair" and "inadequate", another state attorney general hinted he may also oppose the deal.

Delaware Attorney General Beau Biden plans on filing a motion to intervene next week, said an attorney from his office on Friday.


http://www.reuters.com/article/2011/08/05/us-bofa-delaware-idUSTRE77474E20110805



In a related matter:

Bank of America’s ReconTrust Sued by Washington State Over Foreclosures

Bank of America Corp. (BAC)’s ReconTrust unit failed to conduct foreclosures as a neutral third party as required by law, Washington state Attorney General Rob McKenna said in a lawsuit.

ReconTrust, which acted as a trustee handling foreclosures, had a duty to act in good faith to borrowers as well as lenders, McKenna said today at a press conference announcing the suit. ReconTrust also concealed or misrepresented the actual owner of the debt when handling foreclosures, according to the complaint filed in state court in Seattle.


http://www.bloomberg.com/news/2011-08-05/bofa-s-recontrust-unit-sued-by-washington-state-over-foreclosure-practices.html