DOJ demands more in BofA, Countrywide deal

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The DOJ’s. least puts more pressure on BofA to cough up some. Bank of America Corp., the second-biggest U.S. lender, said the Department of Justice may file another. credit crisis and purchases of Countrywide Financial Corp. and Merrill Lynch & Co. The bank. Monday Morning Cup of Coffee: Fannie, Freddie bonds in high demand?

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BofA/Countrywide merger arbitrage opportunity.. The argument against the deal for Bank of America is the fact that there still may be more and unpredictable losses to come, while also the.

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Despite already offering $13 billion to end the government’s mortgage securities probe, the Department of Justice is demanding billions of more from Bank of America for the dealings of Countrywide.

As investor reaction indicated, this deal was much more important to MBIA than to Bank of America. With $1.6 billion in cash from the bank, plus the remittance of $137 million in MBIA notes held by BofA, MBIA’s withered structured finance arm can pay back the $1.7 billion it owes the company’s bond insurance arm, which financed settlements.

Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history ­- to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide.

Bank of America’s acquisition of Countrywide Financial rescues America’s biggest mortgage lender. more than nine million loans worth $1.5 tn, and holds a nationally regulated thrift with $55 bn in. "The deal will allow Bank of America to restructure loans to what homeowners can.

 · Bank of America’s $14 billion offer, however, failed to placate prosecutors, who have largely rejected the bank’s claim that it should not be penalized for the sins of Countrywide and Merrill. Prosecutors continued to demand more than $10 billion in cash as part of an overall $17 billion deal.

Investments Lending Finally: .5b countrywide mortgage bond settlement gets green light Payouts set to reach burnt investors as soon as June

People familiar with the talks say they are in the early stages and expect the sides to meet a few more times before a deal is reached. Officials at Bank of America and Justice declined. 2.5.