Mortgage bond investors finally get paid $8.5 billion Countrywide settlement

Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon, which acted as the trustee for the mortgage bond investors.

The parties originally agreed to the $8.5 billion settlement five years ago, but in the years since then, the sides battled in court over whether Bank of New York Mellon had the authority to settle.

Read on.

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