Judge OKs BofA’s $8.5B mortgage bond settlement

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Bank of America looks to have put a court battle that’s dragged on for nearly three years behind it, with a New York state judge signing off on most aspects of an $8.5 billion settlment with investors in morgtage-backed securities, including PIMCO and BlackRock.

Liabilities stemming from iffy mortgages — many originated by Countrywide Financial — that were packaged as securities and sold to investors have cost the bank at least $50 billion, Bloomberg News reports. Source: bloomberg.com.