A bondholder group seeking reimbursements from Bank of America Corp. over soured home-loan securities said the amount of debt it holds grew to $84 billion after more investors joined the dispute.
That’s a rough double from October. And it appears that Bank of America is at least “talking.”
Apparently the number of deals is up to 225 from 115 as well. This is the “big boy” complaint, including PIMCO, Blackrock and others – including, I might add, the NY Fed.
Growing membership is a “vote of confidence” in the group’s seriousness, she said. The investors have only considered a settlement that pays through the mortgage trust, a channel that would serve even the bondholders Patrick doesn’t represent, she said.
Hoh hoh….. well now that’s an interesting piece of information. So we now have a bunch of people who are interested in the entire trust structure being made whole (or as whole as is proper given the defects in the loans involved.) That could get rather interesting, quite frankly.
This development is in conjunction with the other “sue or shut up” complaints that were recently filed by insurance companies. As the Statute of Limitations creeps up on others, they too will have to either file or shut up.
I expect more lawsuits.