Partner Lawrence Remmel Interviewed About Bank of America, Fannie Mae Settlement
Partner Lawrence Remmel, Chair of Pryor Cashman’s Banking and Finance Group, was interviewed by The National Law Journal for its article “BofA's $10.3 billion mortgage settlement seen as best way out.”
The article discusses Bank of America’s agreement to resolve claims related to alleged irregularities in the sale of home mortgages by its Countrywide unit; and a separate deal, in which 10 lenders agreed to an $8.5 billion settlement with federal regulators of claims of abuse related to foreclosure processing and mortgage loan servicing.
According to Remmel, “There is something for everybody in the settlement. The regulators are probably thinking, ‘We're not dealing with bad citizens, but we want them to look back and act accordingly’.” In regard to the financial crisis, he told The National Law Journal, “From the bank's point of view, they probably look back with some regret on the acquisition [of Countrywide].”
To read the entire article, please click here.
