US agency challenges Bank of America settlement


AFP
August 30, 2011

NEW YORK (AFP) – A US government agency has objected to Bank of America’s $8.5 billion settlement for losses on mortgage-backed securities, imperiling the bank’s efforts to move beyond the subprime mess.

The Federal Deposit Insurance Corporation, which insures bank deposits and plays a major role in regulating the US banking sector, filed its objection late Monday in a New York court, according to a court filing.

“The reason for the FDIC’s objection is that it does not have enough information to evaluate the settlement,” it said in the filing.

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