Bank of America, which back in March was the subject of leaks alleging that (among other things) it inflated the price of force-placed insurance, is reported to have completed a major settlement related to the Countrywide loans it bought up.
But don't get excited, unless you're a super-rich investor who didn't mind being duped by Goldman Sachs because someone, somewhere, was going to bail you out: in the grand (but so new the paint's still wet) tradition of American commerce now, only the rich will get anything:
Bank of America Corp settled nearly all of the claims related to the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure for $8.5 billion in cash.
The largest U.S. bank by assets said it intends to record an additional $5.5 billion provision to its representations and warranties liability for both Government-Sponsored Enterprises (GSE) and non-GSE exposures in the second quarter of 2011.
Which means two things for homeowners: (1) when B of A employees tell you the "investor" won't approve a modification, they mean "the boss." (2) They're still doing to try to take your house away.