Bank of America has settled another class action lawsuit with another set of investors over the issue of mortgage backed investments that it assumed after it acquired Countrywide Financial. According to news reports, Bank of America has agreed to pay $500 million to the plaintiffs, mostly pension funds, to settle lawsuits over the quality of the mortgages.
The world economy entered a recession in late 2007 mainly because the housing market froze. Lenders who borrowed money at teaser interest rates faced new steeper rates. Lending standards increased and investors stopped buying mortgage backed securities because news about the quality of the mortgages became public. Once investors found out, numerous class action lawsuits were filed against the huge banks, and many of them are still being litigated in court. This settlement is another in what seems to be an endless amount of lawsuits concerning mortgage backed securities.
RD Legal Funding, LLC (“RD Legal”) can provide interim post-settlement financing to plaintiff’s attorneys with Bank of America-Countrywide Financial settlements, which provides immediate capital on slow-paying settled legal fees. Lawsuit funding does not require any kind of payments until the fee is paid; there are no monthly interest or principal payments, no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround.
To find out more about RD Legal’s law firm funding solutions, please call Joseph Genovesi toll-free at 1-800-565-5177. For more details about RD Legal’s Fee Acceleration program, please visit our attorney fee funding page.
Written by Lulaine Compere