BofA seeks separate mortgage settlement

TRD New York /
Aug.August 03, 2011 08:46 AM

Bank of America is said to be pursuing a home mortgage foreclosure deal separate from an overall deal which includes mortgage servicers such as JPMorgan Chase and Citigroup, sources told Bloomberg News.

Bank of America has apparently been holding settlement negotiations with some states over home foreclosures separately from talks with a larger group of state and federal officials.

In its separate negotiations, Bank of America is offering to increase its funding of principle writedowns, a higher offer than what is being discussed in larger settlement talks, but is also seeking a blanket liability release that would be broader than what would be available for the other banks.

Attorneys general were unaware of the separate talks with Bank of America, Bloomberg News said.

A Bank of America spokesperson didn’t immediately return a call seeking comment.

As previously reported, America’s largest mortgage providers are nearing a deal with the Department of Justice and 50 state attorneys general to work out some “thorny” foreclosure issues, including robo-singing. [Bloomberg]

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