BofA Mortgage-Bond Deal Challenged
Bank of America's recent $8.5 billion settlement with investors over bonds backed by Countrywide mortgages is getting some pushback from a group of smaller investors who don't like the terms of the deal. The group says in a filing with the New York County Supreme Court that it "has serious concerns about the secret, non-adversarial, and conflicted way in which the proposed settlement was negotiated and about the fairness of the terms of the proposed settlement." Bank of America hailed last week's settlement as a major step in getting beyond the lingering problems of the housing crisis. Read more in the Wall Street Journal.