Monday, July 18, 2011

Bank of America Not Talking So Tough Now

Remember when Brian Moynihan was getting all Winston Churchill about Bank of America’s willingness to go to the mats to fight those who want it to buy back mortgage investments it packaged up and sold to investors? Yeah, well the Bank is in settlement talks, reports to The Journal’s Dan Fitzpatrick:

Bank of America Corp., after vowing to fight requests that it repurchase certain loans, has begun potential settlement discussions with some of its largest mortgage investors, according to people familiar with the situation.

The group discussing a possible settlement with the nation’s largest bank as measured by assets includes the Federal Reserve Bank of New York, government-owned mortgage company Freddie Mac, Blackrock Inc. and Allianz SE’s Pacific Investment Management Co., or Pimco…

The shares are getting an after-hours boost, up about 1.5%.

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