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Pimco, BlackRock inc and the Federal Reserve Bank

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Goya   Tuesday, 10/19/10 04:20:34 PM
Re: irishintelligence post# 405
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Pimco, BlackRock inc and the Federal Reserve Bank of New York are seeking to force Bank of America corp. to repurchase soured mortgages packaged into 47$billion of bonds by its Coutrywide Financial corp. unit, people familiar with the matter said. The bondholders group wrote to Bank of America citing alleged failures by Countrywide to service the loans properly. Investors are stepping up efforts to recoup losses on mortgage bonds.
Countrywide's servicing failures, including insufficient record keeping, may oppen the door for investors to seek repurchases by bypassing the trustee, said their lawyer at Gibbs&Bruns If the issues aren't fixed within 66days BNY Melon(The trustee) should declare Countrywide in default of its contracts.
Brian Beades, a spokesman for BlakRock declined to comment.
JeffreyV. Smith a spockman for the New York Fed, declined immediate comment.
To contact the reporter on this story: Jody Shemm at jshemm@bloomberg.net

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