Bank Of America, Investors Agree To Continue Negotiations

Posted by Orb Staff on December 16, 2010 No Comments
Categories : Mortgage Servicing

Bank of America and institutional investors have agreed to continue talks over a notice of nonperformance that the investors sent BAC Home Loans Servicing LP in October. The investor group, which is represented by Gibbs & Bruns LLP and counts PIMCO, Freddie Mac and the New York Fed among its members, alleged that the Bank of America unit failed to properly service securitized Countrywide loans.

In a statement Wednesday, Bank of America explained that counsel for the bank, the investors and The Bank of New York Mellon, as trustee, ‘have agreed to extend any time periods commenced by the Oct. 18 letter.’

‘This extension will permit the parties to continue constructive dialogue around the concerns raised,’ the bank statement said.

Kathy Patrick, a Gibbs & Bruns attorney handling the negotiations for investors, told The Wall Street Journal that the parties agreed to extend the time periods to Jan. 30.

SOURCES: Bank of America, Wall Street Journal

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