So at least we know there are less chances of countrywide to go bankrupt, otherwise why should countrywide even think of settling things... Just a thought...
Probably BAC will settle with MBI as well sooner than most of us on this board think.
WASHINGTON (Reuters) - Bank of America Corp's Countrywide Financial unit agreed on Wednesday to pay a record $335 million to settle civil charges that it discriminated against minority homebuyers, a historic settlement for the Obama administration in the wake of the subprime mortgage morass.
also....Bloomberg writes, "Bank of America has committed about $40 billion for mortgage refunds, lawsuits and foreclosures since 2007, with most of the sum tied to alleged defects in the loans that affected investors, rather than discrimination against customers."
This helps with MBI's loss causation case. More pressure on BAC to settle quickly, IMHO.