Appeals court to review BofA $8.5 billion MBS pact - News and Current Events | futures io social day trading
futures io futures trading

Appeals court to review BofA $8.5 billion MBS pact
Updated: Views / Replies:356 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Appeals court to review BofA $8.5 billion MBS pact

  #1 (permalink)
Aurora, Il USA
Trading Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,895 since Nov 2010
Thanks: 3,310 given, 3,352 received

Appeals court to review BofA $8.5 billion MBS pact

(Reuters) - A U.S. appeals court agreed to resolve a dispute among institutional investors over whether Bank of America Corp's $8.5 billion mortgage debt settlement should be sent back to a New York state court for approval.

The 2nd U.S. Circuit Court of Appeals in New York on Tuesday said it plans to rule within a 60-day period on whether U.S. District Judge William Pauley in Manhattan correctly took the case from the state court.

It granted the requests of Bank of New York Mellon Corp, which as trustee negotiated the settlement, and investors including BlackRock Inc, MetLife Inc and Allianz SE's Pimco to appeal Pauley's decision.

Other investors, led by a group called Walnut Place, preferred that the case stay in federal court, which could result in higher recoveries.

The June settlement was intended to address much of Bank of America's remaining legal liability from the Charlotte, North Carolina-based bank's 2008 purchase of mortgage lender Countrywide Financial Corp.
It would cover claims by investors in 530 mortgage securitization trusts with $174 billion of unpaid principal that the home loans underlying their investments were toxic or underwritten poorly.

Bank of New York Mellon had negotiated the accord with 22 institutional investors, and sought approval by New York State Supreme Court Justice Barbara Kapnick in Manhattan.
But Walnut Place and other investors that were not part of the talks, but would be bound by the outcome, complained that the $8.5 billion payout was too low.

Moving the case to federal court could make it easier for these investors to back out, or negotiate higher payouts.
In a two-page order, the 2nd Circuit asked the parties to address several issues, including whether the settlement was a "mass action" allowing federal court review.

"We have jurisdiction to determine our jurisdiction," the 2nd Circuit said.
Pauley had on October 19 said the case implicated "paramount federal interests" such as the integrity of nationally chartered banks and the vitality of financial markets.

Bank of America spokesman Lawrence Grayson declined to comment. Bank of New York Mellon spokesman Kevin Heine and David Grais, a lawyer for Walnut Place, did not immediately return calls.

The 2nd Circuit also granted Bank of America's request to file papers supporting requests for an appeal.
The cases are Bank of New York Mellon v. Walnut Place LLC et al, 2nd U.S. Circuit Court of Appeals, Nos. 11-4554 and 11-4571.

Appeals court to review BofA $8.5 billion MBS pact | Reuters

Reply With Quote


futures io > > > > Appeals court to review BofA $8.5 billion MBS pact

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now

Show us your trading desks and win over $5,000 in prizes w/Jigsaw Trading


Similar Threads
Thread Thread Starter Forum Replies Last Post
ECB Hints at Action if Euro Zone Adopts Fiscal Pact Quick Summary News and Current Events 0 December 1st, 2011 07:10 AM
The US Paper Dump Continues: Norway's Sovereign Wealth Fund Sells All Of Its US MBS E Quick Summary News and Current Events 0 October 29th, 2011 02:20 PM
Greek PM appeals for support for austerity vote kbit News and Current Events 0 October 18th, 2011 07:08 PM
Obamacare Has Arrived in the Supreme Court kbit News and Current Events 0 September 28th, 2011 07:51 PM
US Appeals Court Rejects Obama Health Care Law Quick Summary News and Current Events 0 August 12th, 2011 02:30 PM

All times are GMT -4. The time now is 02:00 AM. (this page content is cached, log in for real-time version)

Copyright © 2019 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432,
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts