By Karen Freifeld and Rick Rothacker
Jan 7 (Reuters) - On Monday, Bank of America Corp announced
a new round of settlements designed to resolve lingering claims
related to its Countrywide Financial acquisition in 2008,
including an $11.6 billion agreement with Fannie Mae over
requests to buy back soured home loans.
But the No. 2 U.S. bank by assets still faces a number of
unresolved cases related to its mortgage business. Here are
major ones:
-The bank is awaiting court approval of an $8.5 billion
settlement with investors in failed mortgage-backed securities
issued by Countrywide.
-Bond insurers, including MBIA Inc and Ambac Financial
Group, filed lawsuits against the bank over alleged
misrepresentations of the quality of loans underlying securities
they insured for Countrywide. CIFG Assurance North America Inc
filed a case against Bank of America over insurance policies for
mortgage-backed securities in November.
-American International Group Inc's lawsuit against the bank
over billions in mortgage-backed securities remains pending. AIG
sued Bank of America in 2011, accusing the bank and its
Countrywide and Merrill Lynch units of misrepresenting the
quality of mortgage-backed securities the insurer bought.
-The U.S. Department of Justice filed a case against
Countrywide and Bank of America in October accusing it of
causing $1 billion in losses in the way Countrywide approved
mortgages destined for purchase by Fannie Mae and Freddie
Mac. That lawsuit was not part of Monday's settlement.
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