Bulletin: Bank of America Corp. Ratings Unaffected By Settlement With Fannie And Freddie - S&P Credit Research

Bulletin: Bank of America Corp. Ratings Unaffected By Settlement With Fannie And Freddie

902 words — Published Jan 03, 2011
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Abstract:

NEW YORK (Standard&Poor's) Jan. 3, 2011--Standard&Poor's Ratings Services said today that its ratings on Bank of America Corp. (BofA; A/Negative/A-1) are unchanged following BofA's announced settlement with Freddie Mac and Fannie Mae addressing its remaining exposure to repurchase obligations for residential mortgage loans sold directly to the government-sponsored entities (GSEs). The agreement reduces the uncertainty regarding BofA's exposure to GSE mortgage representation and warranty liability. However, the recent court decision allowing MBIA, a monoline insurer, to use statistical sampling in making its case for representation and warranty claims on securitization deals it insured for BofA tempers the positive aspects of the settlement. The GSE exposure of the representation and warranty issue is, in our view, significantly

  
Brief Excerpt:

RESEARCH Bulletin: Bank of America Corp. Ratings Unaffected By Settlement With Fannie And Freddie Publication date: 03-Jan-2011 Primary Credit Analyst: John K Bartko, New York (1) 212-438-7368; john_bartko@standardandpoors.com Secondary...

  
Report Type:

Bulletin

Ticker
Issuer
GICS
Diversified Banks (40101010)
Sector
Global Issuers , Public Finance , Structured Finance
Country
Region
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MLA:
S&P Credit Research. "Bulletin: Bank of America Corp. Ratings Unaffected By Settlement With Fannie And Freddie" Jan 03, 2011. Alacra Store. Dec 21, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Bank-of-America-Corp-Ratings-Unaffected-By-Settlement-With-Fannie-And-Freddie-841634>
  
APA:
S&P Credit Research. (). Bulletin: Bank of America Corp. Ratings Unaffected By Settlement With Fannie And Freddie Jan 03, 2011. New York, NY: Alacra Store. Retrieved Dec 21, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Bank-of-America-Corp-Ratings-Unaffected-By-Settlement-With-Fannie-And-Freddie-841634>
  
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